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Kraken forced to lay off 30 percent of its workforce

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Kraken has been forced to cut 30 percent of its operational force to cope with the harsh cryptocurrency winter. The exchange platform has joined other platforms such as Coinbase or Candy Digital NFT.

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The Kraken Exchange House announced in June that it has no plans to change its hiring goals and has no plans for layoffs. In its blog post, the company said it had more than 500 jobs to fill between June and the end of the year. For management, the bear market presented an opportunity to “eliminate candidates chasing hype.“and to rely on people who truly believe in the platform’s mission of progress.”

Unfortunately, the bear market has extended to the present day, and Kraken’s objectives have been modified accordingly. Yesterday, Kraken performed a blog post announcing that it had been forced to lay off a significant portion of its workforce.. The stock exchange had to make this decision in order to “adapt to the current difficult market conditions“.

The layoffs affect Kraken’s global force and amount to as many as 1,100 workers, or 30 percent of the total. According to Jesse PowellCEO of Kraken and author of the statement, “I would like to thank you for your support.Macroeconomic and geopolitical factors have weighed on financial markets since the beginning of the year.“.

Kraken tried to respond to the negative factors by reducing the level of hiring and avoiding large marketing commitments, but these measures were not enough.. The negative situation also affected companies in the cryptographic ecosystem, forcing them to make cuts in several areas, such as personnel.

In September, the same Powell decided to retire after 11 years in office, having co-founded the platform.However, he currently appears to continue to exercise the responsibilities of CEO.

With yesterday’s announcement, Kraken contradicts itself regarding its June statements.However, the situation has changed a lot since the summer. The cryptocurrency winter and recession have continued to hit the economy, and some large platforms such as FTX have gone out of business. The bankruptcy of a giant like FTX caused a contagion effectThis caused the failure of other platforms and the loss of many other companies, as in the case of Kraken.

With their decision, Kraken joins other exchange platforms such as Coinbase or BitMex that have been forced to cut their staff.. In the case of Coinbase, the layoffs began in June, when a total of 1,100 employees were laid off, earlier this year. November the platform announced a new round of layoffs, bringing the total number to 1,160.

Continue reading the new Pavel Durov’s blockchain project for Telegramcould be interesting.

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