Despite being aware that he has “big shoes to fill,” the new CEO of Kraken, Dave Ripley has put out an ambitious strategy for how the company hopes to manage global regulations, the hurdles it confronts, and how it plans to target retail investors.
Kraken has developed into a global digital currency exchange in just a little over a decade since its start in July 2011. In August of last year alone, the exchange was responsible for a volume of $16.25 billion. Ripley has stated that he has a legacy to uphold now that Kraken co-founder and CEO Jesse Powell has decided to step down.
According to Ripley, the centralized company that deals with fiat currencies has a foot in the financial services and cryptocurrency spaces. He said that the exchange employs a large army of experts in both of those areas. It also has a “few hundred” person strong general operational compliance team in addition to its 50 legal personnel and 300 core compliance experts.
Ripley plans to bring new products and services
During an interview with The Block, Ripley stated that “the most fundamental role that Kraken has played from the early days is being a bridge.” “At first, it was little more than a gateway to crypto in general.
“But I think looking forward we want to extend that bridge to many other areas of crypto.”
Ripley stated that Kraken will be immediately aiming to grow its team and will focus on delivering new products and services in the midst of what he described as a general market slowdown that is worse than the previous bear markets.
According to Ripley, moving forward Kraken will focus on strengthening its consumer-facing applications, which, ever since their introduction in 2020, have been the primary driver of the company’s expansion. This will include giving retail traders access to versions of certain products that are “simpler and digestible.” In addition, the exchange is also planning to release a new user interface (UX), which can already be seen on the mobile application.
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