A US cryptocurrency exchange has announced that it will streamline its operations and make changes to its organizational structure as it aims to become the largest crypto platform in the world. As part of the changes, so will the crypto exchange Kraken reduce its workforce by at least 15%.
More focus on innovation
In a statement, Cracking stated that the aim of the corporate restructuring is to make innovation the cornerstone of their activities.
The crypto platform will shift its focus to product engineering, saying it plans to make teams involved in engineering, product and design teams “more accountable for outcomes.”
According to the exchange, it wants to use data to make decisions that benefit customers.
The company also plans to tailor its high productivity to customer needs, which the crypto company sees as important to its success.
Kraken, one of the world’s largest cryptocurrency exchanges, announced on Wednesday the layoff of 15 percent of its employees, a corporate restructuring and the appointment of a new co-CEO. The cuts affected about 400 of the company’s approximately 2,600 employees. She…
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Furthermore, Kraken will reinvent itself by turning into a leaner organization by eliminating administrative layers and shifting its manpower to technical and product-oriented teams, a move that will make the crypto exchange more efficient while maintaining its innovative quality.
Manpower reduction
Kraken stated in a blog post that the company will reduce its workforce by letting go of 15% of its 2,600 employees, a move related to its corporate reorganization, and said it is part of its “organizational discipline decisions” to reduce layoffs .
About 400 employees will be laid off by the company. They include two people in leadership positions: Chief Operating Officer Gilles BianRosa and Chief Technology Officer Vishnu Patankar.
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The company revealed that organizational changes are never easy and said the crypto firm understood the “profound impact on people’s lives.”
“We deeply appreciate those who helped us get here and for their many contributions, and we will support them through this transition,” the company said in a statement.
Appoint another CEO
Kraken announced that it has appointed a new director who will serve as co-CEO to existing CEO Dave Ripley, who took on the role in 2023 after Kraken’s founder Jesse Powell left the company due to internal employee disputes.
In the company’s blog, Kraken welcomed Arjun Sethi as the new co-CEO, bringing a fresh vision to the crypto company. Sethi is also known as the co-founder and chairman of Tribe Capital and was a former director of Yahoo.
Ripley said he and Sethi have worked closely together for many years and express confidence in what Sethi has to offer. “I’m excited to work with him as we chart Kraken’s next phase of growth,” he added.
Kraken Layoff: wise move or not?
Is reorganizing Kraken a calculated risk in a volatile market or a smart move intended for expansion? Downsizing its workforce and focusing on innovation will help Kraken increase efficiency and fuel expansion. Could this leaner strategy backfire in the highly competitive crypto space, or will it help Kraken move forward?
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