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Kraken Lays Off 1,100 Employees After Mid-Year Hiring Spree

Kraken crypto exchange lays off 30 per cent or 1,100 employees in a bid to cut cost amid industry tough times.

The company’s CEO announced the layoff on November 30 via a blog post that referred to the difficult times as ‘crypto winter’. Just a couple of days ago, we reported that the company had to settle a case with the Department of Treasury for over $300,000. While this settlement may not be able to topple a company valued at $10 billion, it could be a sign of more troubles.

However, in his explanation of what made the layoffs necessary, Jesse Powell claimed that it was because of hiring too quickly.

You may remember Kraken’s CEO for his ‘crypto-first culture’ speech that got him lots of backlashes, and undoubtedly, more employees. At the time, he had opened his company’s doors to people who are not easily offended and those who won’t call others toxic, hateful, racist, x-phobic.

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Powell revealed that before settling on firing employees, Kraken had tried everything else from slowing hiring efforts to avoiding large marketing commitments. Yet, lower trading volumes and fewer client sign-ups caused by macroeconomic and geopolitical factors have made layoffs inevitable.

For those leaving the company, they would receive 16 weeks of base pay, performance bonus, 4 months of healthcare, and immigration support for those currently on company-sponsored visas. In addition, the company is providing career assistance for departing staff like networking opportunities, job search best practices, interview guidance, and more.

Powell reiterated that he remains bullish on crypto and Kraken, and he’s confident that the layoffs will ensure that the exchange company continues to deliver its mission.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.