PANews reported on April 18 that according to CoinDesk, people familiar with the matter revealed that the crypto exchange Kraken has laid off hundreds of employees in various areas of its business in the past few months. The company is streamlining operations for a possible initial public offering (IPO) in the United States.
Kraken reportedly laid off 400 employees, or about 15% of its total workforce, at the end of October last year. At the time, Silicon Valley investor and Kraken board member Arjun Sethi served as co-CEO with David Ripley. Ripley took over the company after former CEO Jesse Powell stepped down in 2023. Since Sethi became co-CEO, hundreds of more employees have left the company. A person familiar with the matter said that after laying off 15% of the staff at the end of last year, the company has carried out another round of continuous layoffs. "They are laying off employees heavily in all functional departments, and this is an ongoing thing. The purpose is to increase Kraken's earnings before interest, taxes, depreciation and amortization (EBITA)."
