• American crypto exchange Kraken has laid off staff and hired Arjun Sethi as a new co-CEO alongside David Ripley
• Kraken framed the layoffs as a move to become “leaner and faster” to become the largest crypto platform in the world
• Ethereum software company ConsenSys and decentralized exchange dYdX also recently announced layoffs, cutting 20% and 35% of staff respectively
American crypto exchange Kraken has undergone major changes recently, including new leadership and layoffs, as part of a pivot to make the company “leaner and faster.”
New Co-CEO
Kraken has hired Arjun Sethi as co-CEO alongside David Ripley. Sethi is co-founder and Chairman at Tribe Capital and was previously part of Yahoo’s executive team.
Layoffs
Along with Sethi’s appointment, Kraken has laid off an unspecified number of employees. The company said the layoffs are part of becoming “leaner and faster” in order to “put Kraken in contention to become the largest crypto platform in the world.”
Industry Context
Kraken is the third major crypto company to announce layoffs this week amid a recovering crypto market. On Tuesday, Ethereum software company Consensys laid off 20% of its workforce. Decentralized exchange dYdX also cut 35% of its staff this week.
Kraken’s Statement
In a statement on Wednesday, Kraken said “To continue forging our path ahead and put Kraken in contention to become the largest crypto platform in the world, we need to be leaner and faster.”
The company did not provide further details on the number of employees laid off. According to a New York Times reporter, Kraken cut approximately 15% of its staff.
Looking Ahead
The layoffs and leadership change represent a major shift for Kraken as it aims to become more competitive in the evolving crypto industry. It remains to be seen how these moves will impact the company’s growth and market position going forward.
