🌋 Kraken Conducts Largest Layoffs Since 2022
posted 31 Oct 2024
On October 30, 2024, the American crypto exchange Kraken announced significant layoffs, marking it as the third major crypto company to reduce its workforce this week.
Sethi previously served as CEO of the social gaming company Lolapps and is also the founder of the Nibiru derivatives trading protocol and venture firm Tribe Capital.
According to Kraken's official blog, the company felt the need to streamline its operations to strengthen its position as a leading crypto platform.
“To continue forging our path ahead and put Kraken in contention to become the largest crypto platform in the world, we need to be leaner and faster,” Kraken wrote.
While no exact figures were confirmed, New York Times tech reporter Mike Isaac reported that the layoffs affected 15% of Kraken’s employees. Kraken representatives declined to verify these numbers to Decrypt and The Block journalists.
This announcement follows the recent appointment of Arjun Sethi as co-CEO, who joins current CEO David Ripley.
Sethi previously served as CEO of the social gaming company Lolapps and is also the founder of the Nibiru derivatives trading protocol and venture firm Tribe Capital.
According to Kraken's official blog, the company felt the need to streamline its operations to strengthen its position as a leading crypto platform.
“To continue forging our path ahead and put Kraken in contention to become the largest crypto platform in the world, we need to be leaner and faster,” Kraken wrote.
While no exact figures were confirmed, New York Times tech reporter Mike Isaac reported that the layoffs affected 15% of Kraken’s employees. Kraken representatives declined to verify these numbers to Decrypt and The Block journalists.
Kraken’s move is part of a broader trend affecting the tech industry, where other companies like X, Amazon, Intel, and Meta have also made cuts in recent months to adopt a leaner approach.
This wave of layoffs has also impacted the crypto sector. Recently, Ethereum software provider ConsenSys announced a 20% staff reduction, and decentralized exchange dYdX let go of 35% of its team.
Kraken’s last major workforce reduction occurred in November 2022, when the company cut 30% of its staff due to a market downturn following the FTX collapse.
This wave of layoffs has also impacted the crypto sector. Recently, Ethereum software provider ConsenSys announced a 20% staff reduction, and decentralized exchange dYdX let go of 35% of its team.
Kraken’s last major workforce reduction occurred in November 2022, when the company cut 30% of its staff due to a market downturn following the FTX collapse.
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