The chief executive of crypto exchange giant Kraken is stepping down from his post and naming his successor.

According to a new company blog post, Kraken co-founder and CEO is resigning from his role and naming Dave Ripley, the firm’s current chief operating officer (COO), as his replacement.

The company says that the search to replace Powell, who will move on to his new role as the company’s chairman of the board of directors, took a year.

Ripley says that his goal as CEO won’t be much different from Powell’s – to expedite the adoption of digital assets.

As stated by Powell,

“[Ripley’s] proven leadership and experience give me great confidence that he’s the ideal successor and the best person to lead Kraken through its next era of growth. I look forward to spending more of my time on the company’s products, user experience and broader industry advocacy.”

Last month, Powell said that wouldn’t bet against Bitcoin (BTC), the top crypto asset by market cap. He said he’s bullish on BTC because its fundamentals were improving and that he hopes the king crypto would be worth a Bugatti by the end of the year.

“I wasn’t expecting all this craziness in the macro environment, however, I’m still hopeful that I’ll be able to buy a Bugatti by the end of the year for one Bitcoin…

I’m still very bullish, I bought Bitcoin again at $18,000, so I’m happy to ride it all the way back up. I’m still very bullish in the long run, [its] fundamentals keep improving, so I would never bet against Bitcoin.”

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