- In 2022, widespread layoffs hit the cryptocurrency sector due to crypto winter.
- Users in the Middle Eastern country may still access the platform.
The Abu Dhabi office of Kraken, a renowned cryptocurrency exchange, has shuttered less than a year after being granted a local license. More than a third of the company’s workforce will be laid off as a result of this reduction. In a move that affected around eight positions, Kraken laid off a significant portion of its staff based in the Middle East and North Africa.
Although the cryptocurrency exchange no longer supports trading in the currency of the United Arab Emirates, users in the Middle Eastern country may still access the platform. An official at the exchange said that consumers may make deposits in dirhams, and those funds would be converted to dollars before being made available for withdrawal. Furthermore, consumers may keep using any other fiat currency Kraken currently offers.
Effects of Prolonged Crypto Winter
In 2022, widespread layoffs hit the cryptocurrency sector as a consequence of market turmoil. Kraken, Coinbase, Crypto.com, and Gemini have all recently revealed significant cost-reduction plans. Token prices have increased somewhat so far in 2023, but low trading volumes continue to hurt exchanges’ bottom lines.
Kraken has reduced its worldwide development plans and, as of last month, stopped all operations in Japan. At the end of November, the firm announced that due to present market circumstances, it will be laying off 30 percent of its worldwide workforce, or over 1,100 people.
Moreover, Kraken is committed to maintaining a small presence in the Middle East and North Africa region (MENA). Kraken’s regional managing director Benjamin Ampen will reportedly stay on to help with the transition but depart once it’s through.
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