Kraken Appoints Former Dapper Labs CFO, Stephanie Lemmerman

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Hassan Shittu

Journalist

Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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Last updated:

November 1, 2024 09:01 EDT

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According to Businesswire, Kraken, one of the world’s longest-standing cryptocurrency exchanges, has appointed Stephanie Lemmerman as its new Chief Financial Officer (CFO). She will succeed Carrie Dolan, who announced her departure earlier this year.

With an extensive background in fintech and crypto, Lemmerman previously served as CFO at Dapper Labs, where she contributed significantly to the firm’s financial strategy in the blockchain and NFT sectors.

Alongside her new role at Kraken, Lemmerman will maintain a position on the Dapper Labs board and enable ongoing collaboration with her previous firm.

Stephanie Lemmerman: New Kraken CFO Amid Workforce Reduction

Kraken Co-CEO Arjun Sethi praised Lemmerman’s expertise in high-growth fintech, gaming, and crypto markets, noting her potential to support Kraken’s ongoing expansion and goal of bridging traditional finance with decentralized technology.

“Stephanie has deep expertise across fintech, gaming, and consumer crypto at scale. She’s one of the best financial and operations thinkers I’ve met in a long time.”

Kraken’s other co-CEO, Dave Ripley, added that Lemmerman’s appointment aligns with the company’s longer-term vision of becoming a public entity.

“Stephanie coming on board is a part of our commitment to charting a path to one day become a public company. She brings a powerful combination of financial leadership and a deep understanding of finance functions, both of which will be critical for our future plans.”

Lemmerman herself highlighted the unique opportunities Kraken faces in today’s evolving crypto market, expressing her commitment to advancing Kraken’s mission.

“I recognize that Kraken is at a key inflection point in its history. [..] There’s just such an amazing opportunity ahead given where the crypto industry is right now.”

Lemmerman’s hiring follows a series of strategic moves within Kraken regarding its global market expansion and operational resilience.

Earlier this week, on October 31, Kraken announced the appointment of Arjun Sethi as co-CEO alongside Dave Ripley.

Sethi, a longtime board member, joins Ripley, who became CEO in 2023 after internal conflicts led to founder Jesse Powell’s departure.

According to the report, Kraken’s workforce reduction impacted 400 employees, including COO Gilles BianRosa and CTO Vishnu Patankar.

These changes follow workforce reductions, with Kraken reportedly laying off about 15% of its staff as part of a broader restructuring plan.

Strengthening Kraken’s Market Position Through Expansion and Compliance

Despite these operational adjustments, Kraken remains focused on expanding its services across diverse markets.

Earlier this month, Kraken also launched a Bermuda-based, BMA-regulated derivatives platform, offering a range of futures contracts with over 200 trading pairs.

In addition to Lemmerman’s appointment, the exchange recently expanded its European footprint by acquiring Coin Meester B.V. (BCM), a prominent Dutch crypto broker.

This acquisition strengthens Kraken’s presence in the Netherlands. It aligns with its broader goal of becoming a major Virtual Asset Service Provider (VASP) across Europe, where it is already active in countries like France, Poland, Germany, and Spain.

As the European crypto market prepares for the incoming Markets in Crypto-Assets Regulation (MiCA), Kraken aims to capitalize on this regulatory shift by leveraging its global scale, compliant offerings, and enhanced euro liquidity to capture a greater market share.

Concurrently, Kraken is responding to regulatory challenges, particularly from the U.S. SEC, which has accused it of offering unregistered securities. Kraken disputes the SEC’s claims, arguing that the assets in question do not qualify as securities.

Notably, this restructuring aligns with broader workforce reductions across the crypto industry, even as the market shows signs of growth.

Consensys and dYdX also announced layoffs recently, citing regulatory challenges and organizational streamlining.