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The Times Tech Podcast

Kraken's Jesse Powell: "Currencies have a finite life"

The Times Tech Podcast

Will Morley

Business, Unknown, Technology

4.9654 Ratings

🗓️ 8 April 2022

⏱️ 45 minutes

🧾️ Download transcript

Summary

The Sunday Times’ tech correspondent Danny Fortson brings on Jesse Powell, founder of crypto exchange Kraken, to talk about his first startup selling video game virtual goods (3:00), reading about bitcoin (9:40), why he thinks bitcoin will replace gold (12:00), launching Kraken (12:50), getting a banking license (15:00), selling tens of thousands of bitcoin (17:00), how widespread crypto actually is (20:40), the inherent weakness in the market (26:00), the Mt Gox bankruptcy (27:40), the impending failure of fiat currency (31:40), the power of the current system (34:35), raising just $20 million (36:00), and reaching the masses (40:00).

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Transcript

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0:00.0

Yeah. Technology. What is it all about? I think the idea of money is changing. Kids already think about how they store value in a very different way. Yeah. You know, and they think about how much gold do I have in my World Warcraft account or what's my basket of NFTs worth. You know, they're not thinking about so much like cash in the bank or even stocks or real estate.

0:22.6

You know, it's like I think the digital world's becoming bigger and what can count is money or what's like a legitimate store value.

0:30.7

You know, I think that idea is changing. Hello and welcome to Danny in the Valley, your weekly dispatch from behind the scenes and inside the minds of the top people in tech.

0:53.1

I'm your host, Danny Fordson,

0:55.9

the West Coast correspondent for the Sunday Times. How's life? Thank you for tuning in. Again,

1:02.2

this week, we have a great show. We are talking crypto with a very special guest, Jesse Powell,

1:09.8

is on the show, and Jesse is the founder of Cracken, Jesse Powell is on the show.

1:17.2

And Jesse is the founder of Cracken, which is one of the world's top crypto exchanges.

1:22.9

They have about a billion dollars in digital currencies that are being bought and sold on the platform every day.

1:26.1

He employs almost 3,000 people.

1:31.1

And he got started on this whole journey way back many moons ago trading World of Warcrafts, gold, ruins and other stuff from video games, inside video

1:39.6

games, digital goods. So it's been quite the ride. And crypto is, as usual, really interesting these

1:45.6

days. The prices have gone up, recovered about 50% from the recent lows. Then you have this whole

1:52.1

idea of borderless digital currency that no one controls. It's really kind of come into a very

1:58.7

sharp focus amid Russia's invasion of Ukraine

2:01.9

and the West sanctioning of companies and individuals and just showing how easy it is to

2:07.8

basically completely freeze out, you know, a good part of an entire nation from the global

2:13.0

financial system. And so just, it's really kind of been a moment for both crypto believers and also

2:19.1

crypto skeptics kind of show, you know, how far this still needs to go where the holes are,

2:23.9

what the potential is, all of that. Anyhow, we do cover that as well as Jesse's founding story

2:31.2

and why he thinks that maybe it will be NFTs that become the ultimate gateway drug for crypto for the masses.

2:39.8

So we cover a lot of ground. It's just a fascinating world. I think in the time where you do anything on crypto, people seem to really dig it.

...

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