Kraken CEO Speaks Hard for DeFi Projects

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CEO of cryptocurrency exchange Kraken made striking statements about DeFi projects. While the CEO described some projects as fraudsters, he also stated that these projects should not expect benefit from crypto money exchanges.

Jesse Powell, CEO of Kraken, the world’s leading crypto exchange, spoke hard for DeFi. Speaking on his Twitter account, Powell called some DeFi projects fraudulent. Kraken CEO spoke to these projects and said, “Don’t wait to ruin your projects and then let the exchanges save you.” Some DeFi projects such as Yam Finance entered the market at great speed, and then crashed at the same speed due to errors caused by lack of supervision.

Powell emphasized that the cost of the problems faced by the hasty and reckless DeFi projects starting market life without adequate supervision cannot be cut to his own stock market. Jesse Powell called for these projects, telling them to invest in supervision and insurance. Kraken CEO also called for “Do Your Own Research” (DYOR), which means “do your own research”.

Kraken also lists some DeFi projects

Despite the venomous statements made by CEO Jesse Powell, the exchange supports many DeFi projects. The interest in DeFi, which has grown like an avalanche in the market in recent months, may have been effective in the Kraken stock market’s decision in this direction. DeFi projects listed by the Kranken stock exchange; Compound (COMP), Kava (KAVA) Filecoin (FIL), Uniswap (UNI), Yearn.finance (YFI).

Upon U.Today’s asking if the Kraken exchange would be a Bitcoin-only-focused exchange again, Powell replied, “If everyone just wants BTC / BTC, why not”, referring to the consideration of investor requests.


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