Kraken lays off hundreds to streamline operations ahead of US listing

JH Kim

Summary

Kraken reportedly laid off hundreds of employees to streamline operations ahead of its US listing.
Since last year, Kraken has laid off 15% of its workforce and is undergoing additional restructuring.
The company explained that it is consolidating overlapping teams in some departments while continuing to hire in core business areas.

According to cryptocurrency-focused media outlet CoinDesk on the 17th (local time), cryptocurrency exchange Kraken has reportedly laid off hundreds of employees across its operations in recent months to streamline operations ahead of its US listing.

Kraken announced at the end of October last year that it would lay off about 400 employees, approximately 15% of its total workforce.

An industry insider stated, "In addition to the 15% reduction at the end of last year, further layoffs have continued, and Kraken is undertaking aggressive restructuring across all departments," adding, "This is a measure to improve EBITA (Earnings Before Interest, Taxes, and Amortization)."

Kraken explained that it is taking measures to eliminate certain roles and consolidate overlapping teams while continuing to hire in core business areas.