Kraken Reduces Global Workforce By Approximately 1,100 People

Kraken has made one of the most difficult decisions since it said there were 500 roles to fill in July. The crypto exchange reduces its global workforce by about 1,100 employees or 30% due to the current market conditions announced on 30 November 2022.

On 15 July this year, Kraken said they had over 500 roles to fill despite a steep decline in crypto prices and an uncertain macro environment, and the firm also stated that they had no intention to make any layoffs. However, the cryptocurrency exchange announced today that as a result of the decline in the cryptocurrency market, it is laying off 30% (or about 1,100) of its global workforce.

Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups. We responded by slowing hiring efforts and avoiding large marketing commitments. Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.

Kraken said

The value of bitcoin (BTC) has dropped by 62.9% since the end of 2021, and the market capitalization of all cryptocurrencies has decreased by more than two-thirds in the last year. Companies that increased personnel levels during the previous boom years were forced to reduce during the downturn. Take an example, Coinbase (COIN), a publicly traded exchange, cut 60 positions this month, likewise, Unchained Capital, a provider of bitcoin financial services, cut more than 600 positions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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