Kraken lays off hundreds of employees
The American crypto exchange Kraken has laid off hundreds of employees across multiple departments of the company over the past few months.
The American crypto exchange Kraken has laid off hundreds of employees across multiple departments over the past few months. CoinDesk reports this, citing sources familiar with the situation.
The round of layoffs appears to be part of preparations for a potential IPO. At the end of October last year, Kraken reportedly let go about 400 employees, roughly 15 percent of the total staff.
According to one source, there is “aggressive pruning across all parts of the company,” aiming to improve profitability and specifically EBITDA (earnings before interest, taxes, depreciation, and amortization).
Current CEOs Arjun Sethi and David Ripley are said to have emphasized that the company needed to be “leaner and faster” after founder Jesse Powell left in 2023.
Kraken is regarded as one of the leading candidates for a public listing, alongside stablecoin issuer Circle (known for USDC). The exchange, however, still keeps all options open and has not disclosed a timeline yet.
Meanwhile, Kraken keeps pushing for growth. To raise revenue ahead of a possible IPO, the company recently acquired the derivatives platform NinjaTrader. It was also announced that Kraken will soon enable trading in stocks and ETFs — a clear step toward the traditional financial world.
The broader aim is to build a bridge between traditional investing and the emerging crypto-driven financial system.
