CryptoUS

Kraken Layoffs

November 2022

Kraken announced a layoff affecting 1,100 employees (30% of its workforce) in November 2022. The company operates in the Crypto sector.

People Affected

1,100

Percentage

30%

Announced Date

Nov 30, 2022

About

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.