Kraken presentation On October 30, it made a series of layoffs, described as “organizational changes” designed to streamline operations and refocus its mission, and appointed Arjun Sethi as co-CEO.
Sethi is the co-founder of the venture capital fund Tribe Capital.
The exchange said:
“Achieving organizational change is never easy, and we understand the enormous impact it has on people’s lives. We are deeply grateful to the people who helped us get here and their many contributions. We will support them during this transition.”
Mike Isaac, a technology journalist for the New York Times, said two people with knowledge of the matter said the layoffs were taking place. affected 15% of Kraken’s workforce.
Kraken’s last layoffs occurred in November 2022. Lgive help The number of employees is 1,100, or 30% of the total workforce.
organized effort
According to the announcement, the goal of the structural change is to reduce bureaucracy, eliminate layers of management, and renew the emphasis on product innovation, data-driven decision-making, and accountability across engineering, product, and design teams.
The exchange detailed that the process of surpassing $1 billion in revenue unintentionally created management silos, with each department operating in isolation under a separate P&L framework.
Kraken therefore emphasizes the need to reduce these “organizational layers” so that top contributors can focus on building and innovating rather than managing.
Kraken also noted that the restructured structure will be “leaner and faster” and will enable it to make more agile and customer-centric decisions. This will also empower leaders to enhance the company’s global cryptocurrency products.
The exchange claimed that despite the layoffs, it continues to work to drive global cryptocurrency adoption and serves as a bridge between traditional finance and the digital world.
The dismissal comes less than a week after the exchange. presentation This is a layer 2 blockchain ink based on Ethereum. The network will leverage Optimism’s infrastructure technology with 25 million OP tokens. Deal with Optimism Foundation.
In particular, this is the third round of layoffs among cryptocurrency companies this week. Blockchain service provider Consensys 20% of employees were fired On October 29, it mentioned restructuring efforts.
Meanwhile, dYdX CEO Antonio Juliano said: DEX announced that it would do so. As part of our decision to “return to startup mode,” we have reduced our workforce by 35%.