Kraken Sheds ‘Hundreds’ of Jobs to Streamline Business Ahead of IPO, Sources Say

Crypto exchange giant Kraken has laid off hundreds of staffers across all areas of the business over the past several months, as the firm continues to streamline its operations ahead of a potential public listing in the U.S., according to two people familiar with the situation.

Kraken was reported to have laid off 400 staff, or about 15% of its workforce, at the end of October last year, when Silicon Valley investor and Kraken board member Arjun Sethi became co-CEO alongside David Ripley, who took the reins when former CEO Jesse Powell stepped down in 2023.

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