Jesse Powell is a co-founder of the Kraken crypto exchange launched in 2013. He now serves as Chairman of Kraken, having stepped down as CEO in September 2022. Powell's leadership aimed to establish Kraken as a reputable cryptocurrency exchange, prioritizing security and diverse trading options.^[1][2]

Education & Early Life

Born in Sacramento, California in 1979, Powell has kept his personal life private, with limited information available about his childhood and family. Regarding his education, Powell attended California State University, Sacramento, where he earned a degree in philosophy with a concentration in ethics and law.^[1][2]

Career

Jesse Powell, together with Thanh Luu and Michael Gronager, initiated Kraken in 2011 and launched it in 2013. Currently, he holds the position of Chairman, having transitioned from CEO in September 2022. Powell's leadership focused on positioning Kraken as a trusted cryptocurrency exchange, with an intended emphasis on security measures and offering a wide range of trading options.

In 2018, he founded CF Benchmarks Ltd., a digital asset index provider authorized and regulated by the UK Financial Conduct Authority (FCA). Subsequently, in 2019, CF Benchmarks was acquired by Kraken.

Prior to Kraken, Powell founded Lewt, Inc., an online gaming company, where he served as CEO for nearly a decade. Lewt provided virtual world and MMORPG services, including currency, items, and power leveling, catering to the gaming community's needs.

Additionally, Powell also founded the Verge Gallery & Studio Project in Sacramento, where he showcased contemporary works and provided free workspace for local artists.^[1][2][3]

Kraken

Jesse Powell initiated the development of Kraken in response to the security breach at Mt. Gox in 2011, foreseeing its potential closure. Launched in 2013, just before Mt. Gox's shutdown, Kraken emerged as a prominent cryptocurrency exchange.

Powell, a vocal advocate for cryptocurrency adoption, has been critical of excessive regulation, particularly in response to attempts by the New York Attorney General to regulate the sector.

“We were building all this tech, and the crypto industry could’ve shut down at the time. It wasn’t thoroughly tested at that point and we didn’t know what regulators were going to do. We couldn’t even raise venture capital until 2014.” - Jesse Powell^[4]

In 2020, Powell led Kraken to record trading volumes and spearheaded its international expansion, reentering the Japanese market and launching in Australia. He expressed skepticism toward US monetary policy during the pandemic, emphasizing the need for hard digital currency.

In 2021, marking a decade since its founding, Kraken under Powell's guidance aimed to continue innovating in the crypto space. The launch of Kraken Bank in Wyoming signified a significant step toward integrating crypto with mainstream finance.

Powell anticipated deeper involvement in decentralized finance (DeFi) and plans to enhance Kraken's user interfaces, fiat on-ramps, and integration of Lightning Network payments. Despite regulatory challenges, Kraken remained committed to facilitating cryptocurrency transactions in a transparent and compliant manner, in line with Powell's vision for the future of digital assets.^[5][1][6]

“Crypto is what the internet was to information. Before the internet, you had to go to the local library or use your own encyclopedias to find information. If you couldn’t do either, you just didn’t have access to information. I think a similar thing is starting to happen with money and cryptocurrencies. Crypto is giving unbanked individuals access to financial services they wouldn’t otherwise have.” - Jesse Powell^[4]

Controversies

Kraken

Jesse Powell found himself in internal disputes at Kraken following controversial remarks made about race and gender on the company's internal communication platform. The discord arose when Powell questioned the usage of preferred pronouns by employees and engaged in discussions regarding gender intelligence. Following employee complaints, Powell released a document outlining Kraken's values and suggested dissenting employees should consider leaving. Consequently, some employees did opt to leave the company.

In light of reports about Kraken's internal turmoil, Powell mentioned on social media about steering the company back to a more authoritative leadership style.

“[P]eople get triggered by everything and can't conform to basic rules of honest debate. Back to dictatorship,” 
- Jesse Powell^[8]

In September 2022, he then stepped down from his position as the CEO, to allegedly concentrate more on product development and crypto industry advocacy. Nevertheless, he remained as the Chairman of Kraken's Board.^[1][3][5][7]

Verge Center of Arts

In July 2023, Jesse Powell faced allegations of involvement in hacking and cyberstalking against the Verge Center of the Arts, leading to an FBI raid on his Los Angeles residence.

Although his home was searched, no charges have been filed against him. Powell's attorney confirmed the investigation, asserting his innocence and stating it was unrelated to his involvement in cryptocurrency.

Kraken, the cryptocurrency exchange Powell co-founded, clarified it had no connection to the investigation.

Following these events, Powell initiated legal action against Verge, claiming rightful access to email accounts and asserting his continued board membership, despite being removed in 2022.^{[1][5][9][10]}