Kraken Lays Off Hundreds of Employees to Streamline Operations

Crypto exchange Kraken has implemented significant layoffs, reducing its workforce by approximately 15%, or 400 employees, as part of a strategy to streamline operations ahead of a potential U.S. public listing. Key points include:

Layoffs have continued beyond the initial 15% cut, with hundreds more positions eliminated.
The focus is on improving EBITA (earnings before interest, tax, and amortization).
Co-CEOs Arjun Sethi and David Ripley aim to make the company leaner and faster by shedding organizational layers.
Kraken is pursuing revenue growth through acquisitions, such as the derivatives platform NinjaTrader, and expanding services like stock trading.
A spokesperson stated that workforce evaluations align with strategic priorities and redundancies are being addressed.