Kraken announced layoffs impacting 15% of its workforce, or around 400 positions, following recent structural changes.
This move, first reported by the New York Times, coincides with Arjun Sethi stepping in as co-CEO alongside Dave Ripley.
Kraken Is Planning to Overhaul Organizational Structure
Kraken cited the need for “organizational discipline” in a blog post, stating that it plans to streamline management structures that expanded as the company’s revenue surpassed $1 billion.
Although specific roles affected weren’t disclosed, statements from the company and discussions online suggest that senior management and C-suite roles took the brunt of the cuts.
Read More: Kraken Review 2024 – A Review of Its Security and Features
“Making organizational changes is never easy, and we understand their profound impact on people’s lives. We deeply appreciate those who helped us get here and for their many contributions, and we will support them during this transition,” Kraken wrote in its blog.
These layoffs reflect a larger trend in the crypto industry, which has seen numerous staff reductions. Decentralized derivatives platform dYdX announced a 35% reduction in its core team earlier today.
Also, blockchain firm Consensys, developer of MetaMask, confirmed a 20% layoff earlier th
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Author: Mohammad Shahid
