Kraken cryptocurrency exchange fired about 1,100 employees, equal to about 30% of the staff, in order to “adapt to current market conditions”.
According to company co-founder and CEO Jess Powell, the reduction brings the size of the team back to a year ago.
He noted that since the beginning of 2022, macroeconomic and geopolitical factors have negatively impacted the financial markets. The exchange has significantly reduced trading volumes and the number of subscriptions.
“In response, we slowed down our hiring efforts and avoided a large marketing effort. Unfortunately, the negative impact on financial markets continues and we have exhausted our preferred options for aligning costs with demand,” Powell said.
Kraken will continue to pay wages to terminated employees for 16 weeks and provide them with free medical care for four months. The company will also pay any bonuses owed to them, provide employment assistance and visa support if needed.
“I am confident that the steps we are taking will ensure the continuation of our mission, which the world needs now more than ever. I remain extremely optimistic about the cryptocurrency industry and Kraken,” Powell concluded.
We remember that in September he said it resigns as CEO. Chief Operating Officer Dave Ripley will replace him.
Already the last one opposed the registration of the exchange with the US Securities and Exchange Commission and complying with the regulator’s requirements for token delisting.
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