The CEO of Kraken Advised Traders Not to Rely on Cryptocurrency Exchanges

Jesse Powell, the CEO of Kraken crypto-exchange, informed CNBC on the 13th of February that investors are those who should be responsible for the risks they take on themselves when investing into digital currencies.

In the course of the interview which took place during the International Governmental Summit in Dubai, Powell said that it is people who are responsible for risks assessment when investing:

“I think ultimately consumers need to look out for themselves, look into the fundamentals of any coin and not rely on any particular exchange to protect them from market volatility.”

According to Powell, Kraken makes every effort to verify every added cryptocurrency, but they can not give any “promises about the future of any of the coins, because everything can change when you have the opportunity to get $1 billion in 10 minutes. “

According to CoinMarketCap, Kraken is the eighth currency exchange by the volume of trade, which conducts transactions for a total of $300 million every 24 hours.

Traditional investors often say that cryptocurrencies don’t have intrinsic value, or that their development now resembles a bubble. While speaking about the negative position occupied by many traditional investors, such as Warren Buffett, the head of Blockchain Technologies Corporation, at the summit, Nick Spanos claimed to CNBC that “Warren Buffett is good at renting furniture and other types of business, but we are working in a different sphere.”

Powell’s statement sounds like a warning expressed by various state regulators. On the 12th of February the authorities of some European countries warned consumers one more time, and also expressed their concern that people don’t fully understand what they are investing into by investing money into cryptocurrencies.

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