Bitcoin Exchange Kraken Hires Financial Law Veteran as General Counsel

Posted in: Archive
April 21, 2016 11:26 AM UTC

Kraken, one of the largest bitcoin exchanges in the world has announced the appointment of Edward Stadum, a lawyer and fintech advisor with over five decades of legal experience and insight into international law.

Global Bitcoin exchange Kraken has hired Edward M. Stadum as its General Counsel. Stadum will provide opinion and specialist advice for the crypto-exchange’s expansion plans globally, with a focus on best business practices, corporate governance, finance, strategy, acquisitions, and finance.

Stadum leaves his post as US General Counsel to Fidor Bank, an innovative online direct bank in Germany that facilitates Kraken’s euro business. Stadum found potential in the digital currency market after being tasked to do a comprehensive external audit of Kraken.

In statements revealed by Finance Magnates, Stadum stated:

After combing through every detail (with the audit), I grew more and more interested in the remarkable opportunities ahead for Kraken and for the digital currency market, so much that with Fidor’s consent, I left the bank to join the client full time.

A former Air Force veteran, Stadum is also a graduate of Stanford and holds a joint degree from Harvard Law. His credentials along with his experience make him a necessary resource for a bitcoin exchange looking to diversify and expand globally.

Kraken CEO Jesse Powell stated:

Edward Stadum’s 50 years’ worth of experience in banking, technology, law and venture capital will serve Kraken in key markets in North America, Europe and around the globe.

To this end, Stadum saw potential in a growing industry, while Kraken benefits from his expertise.

Kraken is already at the center of this growing industry and I look forward to helping Jesse and the team elevate a thriving startup into a lasting, professional trusted financial enterprise globally.

In what is an extensive legal career, Stadum has previously practiced law in the conventional banking industry before starting TecVenture Partners, an early stage tech venture capital fund based in Munich, Germany.

The appointment bears significance with the storied legal expert with over five decades of experience in various financial sectors sought to join a cryptocurrency exchange.

“It says a lot that Ed wanted to join the team after seeing what was ‘under the hood’ while conducting an audit of Kraken,” Powell stated, before adding, “In fact, having a window into how things work at Kraken made him even more interested in joining our exchange, which is a good sign that we have a solid foundation and that we’re on the right track for long-term success.”

The news comes during a time when Kraken is making inroads into pushing Bitcoin trading and settlement services in Japan. An alliance with new Japanese investor Money Partners Group, one of the leading brokerages in Japan with some 270,000 client networks will see each one now enabled to engage in bitcoin trading and settlement services with blockchain-based derivative trading.

The forex broker took part in Kraken’s successful Series B round of financing that was revealed last week. The same round also saw SBI Investment, Japan’s leading venture capital firm, invest in Kraken in a “multi-million dollar agreement” that was secured by the bitcoin exchange in February 2016.

Featured image from Shutterstock.

Last modified: May 21, 2020 10:29 AM UTC

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@) or find him barely tweeting @sambdas