Home » Markets » Kraken cuts 1,100 workers in 'crypto winter'
Kraken cuts 1,100 workers in 'crypto winter'
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Cryptocurrency exchange Kraken on Wednesday announced it is cutting its workforce by 30% as part of efforts to weather what it called a "crypto winter."
That means roughly 1,100 Kraken employees will lose their jobs, bringing the company’s headcount back to what it was about a year ago, according to a business update from CEO Jesse Powell published on the company’s website. Kraken is doing the layoffs "in order to adapt to current market conditions," he said.
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"Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets," Powell stated. "This resulted in significantly lower trading volumes and fewer client sign-ups. We responded by slowing hiring efforts and avoiding large marketing commitments."