Coinspeaker
Employee Layoffs: Kraken Cuts Workforce by 30%
As employee layoffs continue amid crypto winter, cryptocurrency exchange Kraken has announced it will cut its global workforce by 30% or 1,100 people. The announcement comes in response to worsening market conditions that have dashed hopes of a quick crypto market turnaround.
Earlier in the year, Kraken continued to hire new employees while crypto firms like Coinbase and BlockFi announced layoffs. At the time, Kraken noted that it would fill up 500 roles before the end of the year.
“We believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission,” the firm said.
With two-thirds of the total crypto market cap gone, the exchange has reversed its initial stance citing recent industry woes. Kraken also noted that market volatility has resulted in lower trading volumes and lesser signups. Consequently, cutting back its staff strength to what it was 12 months ago was the onl
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