Kraken's Jesse Powell: Banks are the Biggest Hurdle for Bitcoin Businesses

Kraken's Jesse Powell: Banks are the Biggest Hurdle for Bitcoin Businesses

Even though Kraken is based in the US and facilitates exchanges between a number of different cryptocurrencies, its customer base is decidedly euro-driven. In fact, according to BitcoinAverage, Kraken has over 50% of the EUR/BTC market. That makes it the largest player in that trading pair. Due to regulatory issues in the US (which has 50 different states with 50 different ideas about money transmission), Kraken leans on its European banking partnership with Germany-based Fidor. Even with that geographic bent, being San Francisco-based has had benefits for Kraken, and, in March, the....


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Photo by _Mo. Ripple Labs co-founder Jed McCaleb's recent decision to sell his entire stock of XRP was the start of a difficult week for the open-source payments processor. After McCaleb made his announcement, Ripple's price took a steep fall. Investor confidence declined further when Jesse Powell, known by most as CEO of Kraken, resigned from the board of Ripple Labs and levied some disturbing remarks about the company's management. Feeling betrayed, Ripple had their lawyers draft and send Jesse Powell a cease and desist letter. Powell posted that letter online for the Ripple community to....

Ripple Drama Continues as Company Sends Cease and Desist Letter To Former Board Member Jesse Powell

After publicly resigning from Ripple, former board member Jesse Powell now faces legal trouble with the company. Ripple is having a very messy week. First, co-founder Jed McCaleb publicly decided to liquidate his XRP, which comprised 20% of the entire market cap. Unsurprisingly, the price fell by over 50% during the subsequent 48 hours. After McCaleb's decision to sell his XRP holdings, Kraken CEO Jesse Powell announced his resignation from the Board of Ripple Labs in a candid post on the /r/Ripple subreddit. Following Powell's public resignation, a lawyer for Ripple Labs sent a....

Kraken to Assist in Search for Missing Mt Gox Bitcoins

Kraken's Ayako Miyaguchi (left with mic), Jesse Powell (centre with mic), and Mt Gox bankruptcy trustee Nobuaki Kobayashi (right). Digital currency exchange Kraken announced today that it has been chosen to support the investigation of Mt Gox's missing bitcoins, manage the claims process and distribute the defunct company's remaining assets to creditors. The announcement was made at the second hearing for Mt Gox creditors held today at Tokyo's District Court. Speaking at a press conference following the hearing, Kraken CEO Jesse Powell said he was "very humbled for the opportunity to help....