Once upon a time in San Francisco, California, there was a young man named Jesse Powell. Jesse was a big fan of all things crypto.
In 2011, Jesse visited the offices of Mt. Gox. Mt. Gox was the world’s biggest crypto exchange. During his visit, Jesse was shocked by what he saw. Mt. Gox had been hacked and Jesse could see why. It was poorly run and in danger of losing its customers’ money.
Jesse decided to build an exchange that was safer and better organized. He called it Kraken.
By 2014, Kraken was one of the most respected exchanges in the business. Within the same year, Mt. Gox got hacked again, lost $460 million of its customers’ money and went bankrupt.
Jesse Powell understood that getting customers to trust cryptocurrencies and exchanges was very important. That’s why Kraken formed links with banks in Germany and Japan. It was also the first crypto exchange that was listed on the Bloomberg Terminal (a tool used by bankers around the world).