According to Wall Street Journal, cryptocurrency exchange Kraken said on Wednesday that its chief executive officer, Jesse Powell, is planning to step down.

Taking Powell’s place is Dave Ripley, the current chief operating officer.

Powell will remain on the board as chairman and will continue to be active in the company, working on product development and industry advocacy.

Both Powell and Ripley will remain on their jobs until a new chief operating officer is found.

Kraken was founded in 2011, about two years after Bitcoin was created. Currently, it is the fourth largest crypto exchange, according to crypto price-tracking website CoinMarketCap.

The company has about 3,200 employees and was most recently valued at $10.8 billion, according to financial data company Pitchbook.

Author: Katie Lin