Fears are overblown that AI will severely disrupt SaaS companies, the co-CEO of US cryptocurrency exchange Kraken said Tuesday at Semafor World Economy in Washington, DC.

“There’s always a certain set of companies that get disrupted by technology and that has continued to happen,” Arjun Sethi said. “I also don’t think there are companies today that aren’t run by software in some ways, and so today we’re seeing AI just proliferating at a faster and faster pace.”

Kraken confidentially filed for an initial public offering late last year. An investment round in April valued the San Francisco-based platform at $13.3 billion, down from a $20 billion peak in late 2025.