Kraken Announces Layoffs Amid Leadership Change

Kraken, a major cryptocurrency exchange, has announced a significant restructuring that includes layoffs affecting approximately 15% of its workforce, or around 400 employees. This move coincides with the appointment of Arjun Sethi, co-founder of Tribe Capital, as co-CEO alongside Dave Ripley. The company aims to streamline operations by reducing organizational layers that have hindered decision-making during its previous period of rapid growth. The layoffs are part of a broader trend of job cuts in the cryptocurrency sector, as other firms like Consensys and DYDX also reduce their headcounts amid ongoing regulatory uncertainties. Kraken's last round of layoffs occurred in November 2022, when the firm cut 30% of its staff due to the crypto market downturn. The exchange is reportedly exploring options for an Initial Public Offering (IPO) in the future.