Kraken Fires More Than 1,000 Employees

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Crypto exchange Kraken has laid off approximately 30% or 1,100 employees, in order to “adapt to current market conditions.”

According to the co-founder and CEO of the company Jesse Powell, the reduction returns the size of the team to a year ago.

According to him, since the beginning of the year, macroeconomic and geopolitical factors had a negative impact on financial markets. The exchange has significantly dropped trading volumes and the number of subscriptions.

He has added:

“In response, we slowed down hiring efforts and avoided a big marketing commitment. Unfortunately, the negative impact on financial markets continues, and we have exhausted our preferred options to bring costs in line with demand.”

Kraken will continue to pay wages to laid-off employees for 16 weeks and provide them with free medical care for four months.