Kraken is fast becoming one of the most trusted companies in cryptocurrency investing and trading. And one of the reasons why is CEO Jesse Powell, who has made it his mission to make breaking into the business easier for newbies - regardless of experience or skill level.
For his efforts, Powell has been named as one of CoinDesk's 20 Most Influential people for 2020, as per the official Kraken blog. But that's not all that he managed to achieve, as he also did something that very few other crypto exchanges can: establish Kraken as an official Wyoming bank and make it the first firm of its kind to get a banking charter there.
Starting Off Right
After graduating from California State University, Jesse Powell got his first start in the crypto business via games, writes CoinTelegraph. His first company helped people manage their online game accounts and their in-game currencies, something that will cause his interest in digital assets (particularly Bitcoin) to grow even more.
He would get his first big break when he created the Kraken exchange as some sort of replacement for another exchange, Mt. Gox, who got hacked in 2011 and subsequently had to close down in 2014. Kraken launched a year before Mt. Gox closed down.
This also helped punctuate his newfound reputation as a cryptocurrency business mainstay, which he built over regular appearances in crypto trading meetups in San Francisco alongside other industry pioneers. This includes CoinBase's Brian Armstrong, and even Jed McCaleb of Ripple and the now-defunct Mt. Gox.
Kraken would get off the ground in spectacular fashion following record trading volumes in 2020. This would also be followed by his efforts to push for his cryptocurrency exchange to be the first one of its kind to receive a United States bank charter. He obviously succeeded in getting this "Holy Grail," and plans to keep going from there.
Kraken's Rise
A quick look at reviews of the Kraken cryptocurrency exchange will make you see why CEO Jesse Powell's moves have been on-point so far. In a recent review by Investopedia, they received an excellent score of 4.2 stars for a big reason: the simplicity of its user interface.
This is right up Powell's wheelhouse and original goal for digital assets: simplify them to allow as many people as possible to buy-in. Not to mention, the exchange supports over 120 coins and allows for high liquidity, meaning your money won't stay up there forever - if you want to spend it, you have many options that will help you do so.
Tech Times also recommended Kraken back in 2020 as one of the best crypto exchanges to try, especially if you're in the US. With it, users get a platform with fewer transaction fees than most, alongside great security features to give you peace of mind.
It is even heralded as the most secure compared to its peers, due to the implementation of two-factor authentication. Kraken also gives you a single Master Key to further beef up security.
What's Next For Jesse Powell And Kraken?
Things are flying high for Jesse Powell and Kraken right now, and the future looks bright.
As of this writing, the company is working towards its "next growth phase." According to a recent report by CoinDesk, Kraken could be on its way to a potential IPO after hiring a new Chief Financial Officer in Carrie Dolan. She was the one who helped manage the IPO of personal loan company Lending Club, so she definitely has the experience.
With Dolan's hiring, the company could be following Coinbase soon into going public - although this is still speculation until an official confirmation is made. But if Kraken does go public soon, it will lead to Powell becoming one of the most powerful (and richest) crypto CEOs in the world.
This article is owned by Tech Times
Written by RJ Pierce
