Kraken

Kraken layoffs

Kraken laid off 400 employees representing approximately 15% of its workforce on 2024-10-30.

Kraken, a major cryptocurrency exchange founded in 2011, has laid off approximately 1,100 employees, representing about 30% of its global workforce. The decision, announced in November 2022, is a response to challenging market conditions, including significantly lower trading volumes and reduced client sign-ups driven by macroeconomic and geopolitical factors. This reduction brings the company's team size back to its level from just 12 months prior, following a period of rapid growth. As a long-standing player in the crypto industry, Kraken aims to sustain its business for the long term by aligning costs with current demand while continuing to focus on core product development. The company is providing comprehensive support to affected employees, including separation pay, benefits continuation, and career assistance.