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The cryptocurrency industry’s epic shakeout, having cost thousands of jobs and set off a round of consolidation, is reaching the corner office.
Crypto exchange Kraken announced on Wednesday that co-founder Jesse Powell will step down as CEO, to be replaced by Chief Operating Officer David Ripley. The reshuffle comes shortly after Genesis’s Michael Moro and Bitcoin evangelist Michael Saylor, along with Sam Trabucco of Alameda Research, relinquished top positions.
The raft of successions sets the stage for a changing of the guard in the roughly decade-old industry. Many of crypto’s most prominent leaders, like Powell, are technologists who discovered digital assets early, cultivated devout Twitter followings and didn’t hesitate to engage their detractors in online battles. With the sector reeling from a slump that’s shaved off roughly $2 trillion from cryptocurrencies’ market value and landed some bosses in bankruptcy court, regulators’ cross-hairs or worse, boards are starting to look for different skills...
more at Bloomberg