{"id":15685,"date":"2024-10-30T19:23:36","date_gmt":"2024-10-30T20:23:36","guid":{"rendered":"http:\/\/medexperts.pro\/?p=15685"},"modified":"2024-10-30T20:28:01","modified_gmt":"2024-10-30T20:28:01","slug":"kraken-lays-off-15-of-workers-and-names-new-co-chief-executive","status":"publish","type":"post","link":"https:\/\/medexperts.pro\/?p=15685","title":{"rendered":"Kraken Lays Off 15% of Workers and Names New Co-Chief Executive"},"content":{"rendered":"
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The influential cryptocurrency exchange has undergone several reorganizations in recent years.<\/p>\n

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Kraken, one of the world\u2019s largest cryptocurrency exchanges, on Wednesday announced the layoff of 15 percent of its workers, a corporate restructuring and the appointment of a new co-chief executive.<\/p>\n

The cuts amounted to about 400 of the company\u2019s roughly 2,600 employees, two people with knowledge of the company said.<\/p>\n

Kraken named Arjun Sethi, a longtime Silicon Valley executive, as co-chief executive, alongside Dave Ripley. Mr. Ripley became chief executive in 2023 after Jesse Powell, the company\u2019s founder, stepped down following internal struggles with employees.<\/p>\n<\/div>\n<\/div>\n

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\u201cTo 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,\u201d Mr. Sethi and Mr. Ripley wrote in a blog post<\/a>. \u201cWe are making organizational discipline decisions to tackle this problem and eliminate layers.\u201d<\/p>\n<\/div>\n<\/div>\n

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Kraken named Arjun Sethi, a longtime Silicon Valley executive, as co-chief executive.<\/span>Ramsey Cardy\/Sportsfile for Collision, via Getty Images<\/span><\/span><\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n
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Kraken has gone through several upheavals over the past two years. In the summer of 2022, Mr. Powell engaged in a culture war<\/a> with his employees and encouraged them to resign if they didn\u2019t side with his political views. Later that year, he resigned<\/a> amid an investigation into the company by the Treasury Department for a potential violation of U.S. sanctions. Kraken later settled<\/a> with the government.<\/p>\n

In November 2022, Kraken laid off 1,100 people, or about 30 percent of employees, amid wider industry tumult after the collapse of rival FTX. The fallout from FTX rocked the crypto industry, with a number of companies undergoing layoffs or declaring bankruptcy as consumer enthusiasm for cryptocurrencies subsided.<\/p>\n

The crypto market has since rebounded, with Bitcoin reaching a record price this year. Yet some companies have continued to make cuts. Consensys, the maker of the popular MetaMask crypto wallet, announced a 20 percent reduction in its work force on Tuesday, and dYdX, a cryptocurrency exchange, reduced its staff by 35 percent the same day.<\/p>\n

Late last year, Kraken conducted a major reorganization, moving many employees to new teams within the company, a person with knowledge of the matter said. Some employees were left frustrated, the person said, complaining that the changes had been poorly communicated and that the company lacked a clear direction.<\/p>\n<\/div>\n<\/div>\n

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Last week, employees expressed confusion in Kraken\u2019s internal chat rooms about the firm\u2019s future, according to messages viewed by The New York Times, when news of Mr. Sethi\u2019s potential appointment<\/a> leaked to The Information.<\/p>\n

In Wednesday\u2019s blog post, the co-chief executives said that Kraken had increased its net revenue to more than $1 billion, but that the company had become too top-heavy and complicated in its management structures. The changes, they said, were aimed at refocusing employees on \u201cbuilding rather than managing.\u201d<\/p>\n

\u201cThe next chapter of Kraken starts today,\u201d they wrote. <\/p>\n<\/div>\n<\/div>\n

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The influential cryptocurrency exchange has undergone several reorganizations in recent years.Kraken, one of the world\u2019s largest cryptocurrency exchanges, on Wednesday announced the layoff of 15 percent of its workers, a corporate restructuring and the appointment of a new co-chief executive.The cuts amounted to about 400 of the company\u2019s roughly 2,600 employees, two people with knowledge of the company said.Kraken named Arjun Sethi, a longtime Silicon Valley executive, as co-chief executive, alongside Dave Ripley. Mr. Ripley became chief executive in 2023 after Jesse Powell, the company\u2019s founder, stepped down following internal struggles with employees.\u201cTo 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,\u201d Mr. Sethi and Mr. Ripley wrote in a blog post. \u201cWe are making organizational discipline decisions to tackle this problem and eliminate layers.\u201dKraken named Arjun Sethi, a longtime Silicon Valley executive, as co-chief executive.Ramsey Cardy\/Sportsfile for Collision, via Getty ImagesKraken has gone through several upheavals over the past two years. In the summer of 2022, Mr. Powell engaged in a culture war with his employees and encouraged them to resign if they didn\u2019t side with his political views. Later that year, he resigned amid an investigation into the company by the Treasury Department for a potential violation of U.S. sanctions. Kraken later settled with the government.In November 2022, Kraken laid off 1,100 people, or about 30 percent of employees, amid wider industry tumult after the collapse of rival FTX. The fallout from FTX rocked the crypto industry, with a number of companies undergoing layoffs or declaring bankruptcy as consumer enthusiasm for cryptocurrencies subsided.The crypto market has since rebounded, with Bitcoin reaching a record price this year. Yet some companies have continued to make cuts. Consensys, the maker of the popular MetaMask crypto wallet, announced a 20 percent reduction in its work force on Tuesday, and dYdX, a cryptocurrency exchange, reduced its staff by 35 percent the same day.Late last year, Kraken conducted a major reorganization, moving many employees to new teams within the company, a person with knowledge of the matter said. Some employees were left frustrated, the person said, complaining that the changes had been poorly communicated and that the company lacked a clear direction.Last week, employees expressed confusion in Kraken\u2019s internal chat rooms about the firm\u2019s future, according to messages viewed by The New York Times, when news of Mr. Sethi\u2019s potential appointment leaked to The Information.In Wednesday\u2019s blog post, the co-chief executives said that Kraken had increased its net revenue to more than $1 billion, but that the company had become too top-heavy and complicated in its management structures. The changes, they said, were aimed at refocusing employees on \u201cbuilding rather than managing.\u201d\u201cThe next chapter of Kraken starts today,\u201d they wrote.<\/p>\n","protected":false},"author":1,"featured_media":15687,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-15685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/15685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15685"}],"version-history":[{"count":2,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/15685\/revisions"}],"predecessor-version":[{"id":15688,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/posts\/15685\/revisions\/15688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=\/wp\/v2\/media\/15687"}],"wp:attachment":[{"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/medexperts.pro\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}