The Strategist

Kraken crypto exchange to lay off nearly 30% of staff

12/02/2022 - 09:24

Kraken is the third-largest cryptocurrency exchange in the world by trading volume. It will let go of almost 30% of its workforce. The company blamed the upcoming layoffs on the weakened cryptocurrency marketplaces that have emerged since FTX's demise.

Kraken, the third-largest cryptocurrency exchange in the world by trading volume, will reduce its workforce by around 30%. (1,100 people), wrote Co-founder and CEO Jesse Powell on the business's blog. The decision was made in order to "weather the crypto-winter," according to the firm.

Powell claimed that the layoffs were necessary in order for the business to "adjust to the present market conditions". "In order to deliver the kind of quality and service our clients have come to expect from us, we have had to expand fast, more than tripling our personnel. Our team's size is now back to what it was just a year ago thanks to this reduction," said CEO of one of the biggest bitcoin exchanges.

Powell claimed that the slowdown brought on by "macroeconomic and geopolitical issues" has decreased customer demand, trading volumes, and the number of people using cryptocurrency exchanges. The CEO of Kraken continued, "I'm still quite positive about cryptocurrency and Kraken."


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