Home » Kraken Exec Announces Exit From the Crypto Exchange: EXCLUSIVE

Kraken Exec Announces Exit From the Crypto Exchange: EXCLUSIVE

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  • Ankur Ranshid is the new Chief Financial Officer of Ethereum scaling developer Matter Labs.
  • Matter Labs has announced a $200 million Series C round led by Blockchain Capital and Dragonfly.
  • The company’s other backers include Andreessen Horowitz, Variant and Lightspeed Ventures.

there was a lot Departure in Crypto C Suite Over the past few months, executives from Celsius, Microstrategy, FTX.US and Genesis Global Trading have left.

High-profile cryptocurrency exchange Kraken joins the list of industry leaders looking to secure a top leadership position. Ankur Ranshid, the former head of Kraken’s FP&A, retired last month after three years at the company, Insider learned.

With a reported valuation of $10.8 billion, Kraken is looking to fill C-level roles such as Chief Product Officer, Chief Commercial Officer, Chief Technology Officer and Chief Compliance Officer. forbes reported last month. (However, the company told his Insider in an email that the only existing vacant executive positions are chief product officer and chief compliance his offer. According to a statement Tuesday, the chief commercial officer’s Role removed.)

Ranshid has joined Ethereum scaling developer Matter Labs as Chief Financial Officer. This is a role that felt like a natural next step in his career. Prior to entering cryptocurrency full-time in 2019, Rancid worked at MUFG, Fidelity Investments, Citigroup and American Express.

“My career path hit its limit after three years. I came from Wall Street. Ranshid said. he said in an insider interview.

Matter Labs Raises $200 Million

Founded in 2018, Matter Labs is best known for developing a scaling protocol, or zero-knowledge rollup called zkSync. This has been billed as a way to offer lower gas fees and faster transaction speeds on Ethereum’s network while maintaining greater security.

In addition to the new hires, Matter Labs has secured a $200 million Series C round. Co-led by Blockchain Capital and Dragonfly, the funding will be used for staff expansion, product development and marketing. Other participants in this round include LightSpeed ​​Venture Partners, Variant and Andreessen Horowitz.previous startup announced $50 million in Series B funding last year.

With the capital, a 100-person company could “reasonably” double or triple its staff by the end of next year, Ranshid said.

“We don’t want to scale rapidly without a strategic vision,” said Ranshid. “The goal is to at least focus on the engineering team, product team and marketing.”

But working in cryptocurrencies is a turbulent time. Ranshid has been in the industry for several years and has suffered from the volatility that comes with working in the nascent field. But last week presented us with a whole new set of challenges. Chief among them was the rapid demise of his FTX, once the preeminent crypto trading platform.

After a severe liquidity crisis, FTX filed for Chapter 11 bankruptcy and company founder Sam Bankman-Fried stepped down as chief executive on Friday. The company’s U.S. subsidiary, his FTX.US, sister trading firm Alameda Research, and 130 other companies were subject to bankruptcy proceedings.

Matter Labs says nothing has changed about the company’s funding round or board appointments following the news.

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