- 1,100 individuals lost their jobs due to the recent layoff.
- The company had to triple its personnel to accommodate the influx of new users.
The Kraken crypto exchange stated today that they had slashed their personnel by 30%. The decision was called one of the toughest choices at Kraken to date in an official blog post by the exchange. As a result, 1,100 individuals lost their jobs “in order to adapt to current market conditions.”
To say that this last year has been challenging for crypto investors would be an understatement. Bear market conditions have been harsh for cryptocurrencies for over a year, and the scandal surrounding FTX, previously one of the largest cryptocurrency exchange platforms in the world, hasn’t helped matters.
Hit by Sluggish Market Conditions
As a result of these problems, several cryptocurrency exchanges have crashed. Subsequently, cryptocurrency exchange Kraken has been the latest hit, as they have announced a 30% decrease in its worldwide staff in a post on their blog today.
The statement noted:
“Over the past year years, hundreds of millions of new users entered the cryptocurrency space and millions of new clients put their trust in Kraken.”
Because of this, the company had to triple its personnel to accommodate the influx of new users. As the statement continued, “Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets.” A reality that resulted in, “significantly lower trading volumes and few client sign-ups.” The platform has attempted to slash recruitment but had to resort to mass layoffs as a final choice.
Finally, Kraken detailed its procedure for dealing with departures. Besides, the plan includes separation compensation, performance incentives, perks, and numerous assistance for people impacted by the changes.
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