PANews reported on April 18 that according to CoinDesk, sources revealed that crypto exchange Kraken has cut hundreds of employees across various business areas over the past few months. The company is streamlining operations for a potential IPO in the United States.
Reports indicate that in late October last year, Kraken laid off 400 employees, approximately 15% of its total workforce. At the time, Silicon Valley investor and Kraken board member Arjun Sethi and David Ripley served as co-CEOs. Ripley took over the company after former CEO Jesse Powell stepped down in 2023. Since Sethi became co-CEO, hundreds more employees have left the company. A source stated that after laying off 15% of staff at the end of last year, the company continued its ongoing layoffs. The source said: "They are making significant cuts across all functional departments, and this is a continuous process. The goal is to improve Kraken's EBITA."
