New Kraken CEO Ripley Pointed Out His Strategy For Growth
Kraken CEO Ripley announced the ambitious strategy to face the head challenges and the plans to grow the trading volume.
Kraken – established in 2011, is a US-based crypto exchange. For almost ten years of development, Kraken has grown over the world. The firm is also the first exchange to be listed on Bloomberg Terminal.
In mid-summer 2022, Kraken is valued at $11 billion and reached $16.25 billion in volume last August this year, to be the leading crypto exchange in the world. Last month, CEO Jesse Powell stepped down, and the new Kraken CEO Ripley is still on the way to making this company become the trusted global digital exchange for crypto and other fiat currencies.
According to the interview, the new Kraken CEO Ripley said this company is based on the current inherent nature and continues the ambition to discover other areas of crypto.
The most fundamental role that Kraken has played from the early days is being a bridge. Initially, it was just a bridge to crypto generally. To buy and use bitcoin. But I think looking forward we want to extend that bridge to many other areas of crypto.” Kraken CEO Ripley said
The general strategy in the many next years is to concentrate on launching new products and services and increase more loyal customers. Thereby, customers can trade their digital assets without any difficulty.
As Ripley acknowledged, one of the most challenging tasks is to navigate and comply with each jurisdiction. Kraken has a compliance team of up to 300 individuals to set down all regulations and frameworks relevant to fiat currencies, financial services, and the crypto industry. The markets in crypto assets (MiCA) regulation on 21 Sept is the core aspect of the development of the crypto industry. Some points in this regulation need to be considered, for examples: sovereign key custody and Layer 1 networks.
Moving ahead, Kraken will roll out the new application of UX, which is live on the mobile app. This innovation is an effort to provide better digestible versions for users to have rights to access all professional products and services.
Institutional clients are also the Kraken CEO strategy.
“We’re going to bring about some more products and services for those groups as well,” Ripley said
Kraken is facing a stable decline in trading volume since May 2021. The CEO admitted that it is not easy to scale up in parallel with maintaining efficiency.
Another challenge in the crypto industry is the participation of many traditional financial firms, startups, and innovators. So the race to be the leading exchange is not easy.
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