According to Foresight News , citing sources cited by CoinDesk, Payward, the parent company of crypto exchage Kraken, is laying off approximately 150 employees, about 5% of its total workforce of 3,000. This move is seen as organizational restructuring in preparation for its IPO. Payward secretly filed its S-1 petition with the SEC last November, but suspended its IPO plans in March of this year due to unfavorable market conditions. Kraken co-CEO Arjun Sethi recently stated that the company's IPO preparations are approximately 80% complete.
As previously reported, Payward is seeking to complete a new round of financing at a valuation of $20 billion and is accelerating its acquisition plans. Recently, it has acquired stablecoin payment company Reap for $600 million and digital asset derivatives platform Bitnomial for $550 million.
