Kraken, a prominent cryptocurrency exchange, revealed on Oct. 30 a series of layoffs, framed as “organizational changes,” aimed at enhancing operational efficiency and sharpening its mission focus. Concurrently, the company named Arjun Sethi, co-founder of Tribe Capital, as its co-CEO. The layoffs, according to sources cited by New York Times tech journalist Mike Isaac, affected 15% of Kraken’s staff. This downsizing follows a previous reduction in November 2022, when Kraken cut 30% of its workforce, totaling 1,100 employees.
The announced restructuring aims to minimize bureaucratic hurdles, flatten management structures, and reinforce the company’s dedication to product innovation, data-informed decisions, and responsibility across its engineering, product, and design divisions. Kraken acknowledged that its journey past the £1 billion revenue milestone had unintentionally created isolated management sectors, with departments operating independently under distinct financial frameworks. The company stressed the necessity to trim these “organizational layers” to ensure that key contributors concentrate on innovation rather than management oversight.
Kraken projected that the reorganization would result in a more agile and responsive structure, facilitating quicker, client-focused decisions and empowering leaders to augment the company’s global cryptocurrency offerings. Despite the layoffs, the exchange reiterated its commitment to advancing global cryptocurrency adoption, aiming to bridge the gap between traditional finance and the digital landscape.
This development comes shortly after Kraken unveiled Ink, its Ethereum-based layer-2 blockchain, which will utilize Optimism’s infrastructure technology, stemming from a £25 million OP token agreement with the Optimism Foundation. This marks the third instance of workforce reduction in the cryptocurrency sector this week, following Consensys’s 20% staff cut due to restructuring and dYdX’s 35% workforce reduction as part of its strategy to revert to a startup mode.
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