Kraken joins crypto exodus with 15% layoffs

Kraken reportedly fired 15% of its workforce, according to two individuals with insider knowledge, as reported by a New York Times journalist.

This week, Kraken exchange joined fellow crypto startups Consensys and DYDX in downsizing its headcount. The San Francisco-based firm welcomed a new co-CEO in Tribe Capital co-founder Arjun Sethi and announced “organizational discipline decisions to tackle” issues.

While the New York Times’ Mike Isaac, who first reported the news, did not specify the positions affected by the layoffs, Kraken’s press statement and social media discussions suggest the cuts primarily impacted C-suite staff and managers. According to a blog post, certain organizational structures had discouraged some team leaders from innovating.

We need to make sure our top contributors are focused on building rather than managing. This means we give more power to our leaders to build best-in-class products, leverage data to make decisions that are best for our clients, and make engineering, product, and design teams all feel more accountable for results.

Kraken statement

https://twitter.com/MikeIsaac/status/1851680598534033815

Kraken was the third U.S. crypto firm to trim its workforce, albeit for different reasons. MetaMask maker and Ethereum (ETH) infrastructure developer Consensys cut staff by 20%. CEO Joe Lubin cited regulatory scrutiny and macroeconomic factors as reasons.

DYDX, a decentralized perceptual exchange, fired 35% of employees two weeks after CEO Antonio Juliano’s return. The sweep included several core team members.

Kraken last adjusted its staff structure in 2022 following a cryptocurrency market downturn. Approximately 30% of its workforce, or about 1,100 employees, were let go amid uncertainty caused by Bitcoin’s decline and high-profile bankruptcies, such as FTX.

Spread the love
  • Aniket Pujari

    Aniket Pujari is a visionary entrepreneur and dedicated content creator who has made significant contributions to the digital media landscape. As the founder of Minute To Know News, he has established himself as a leading figure in the world of finance, cryptocurrencies, and Internet-related topics.

    Related Posts

    Crypto whales eye PEPE at $2, but experts predict WallitIQ will hit $15 by 2024’s end

    Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Crypto whales eye PEPE at $2, but experts forecast…

    Spread the love

    CMIC urges US Congress to legislate crypto

    The Crypto Market Integrity Coalition called on Congress to establish a national regulatory framework for digital assets before the current legislative session ends.  In a letter dated November 14 and…

    Spread the love

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Crypto whales eye PEPE at $2, but experts predict WallitIQ will hit $15 by 2024’s end

    Crypto whales eye PEPE at $2, but experts predict WallitIQ will hit $15 by 2024’s end

    Reliance Infrastructure Q2 Results: Anil Ambani-led infra major posts net profit of ₹4,082.5 crore on low expenses

    Reliance Infrastructure Q2 Results: Anil Ambani-led infra major posts net profit of ₹4,082.5 crore on low expenses

    CMIC urges US Congress to legislate crypto

    CMIC urges US Congress to legislate crypto

    Mark Zuckerberg is now a singer, releases ‘Get Low’ cover for wife Priscilla Chan

    Mark Zuckerberg is now a singer, releases ‘Get Low’ cover for wife Priscilla Chan

    Indian Authorities Detain Suspect Linked to $230M WazirX Hack

    Indian Authorities Detain Suspect Linked to $230M WazirX Hack

    PNUT price prediction: PNUT pumps another 126%

    PNUT price prediction: PNUT pumps another 126%