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Kraken crypto exchange announced today that it is laying off 1,100 or 30% of staff, as per the latest blog post by the company.
As per the company, the move is necessary in order to “adapt to the current market conditions.”
All the affected staff have been notified early today and the company assured them of assisting them in the process of transitioning to the next opportunity.
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Why is this Layoff Necessary?
Per the release by Kraken, a lot of new users have entered the crypto space over the years and millions of people over the past years have trusted the Kraken exchange which has spurred the rapid growth of the exchange.
However, there have been geopolitical and macroeconomic factors that have affected the global financial system which resulted in a notable drop in trading volumes and fewer clients signing up on the platform.
“We responded by slowing hiring efforts and avoiding large marketing commitments. Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand,” Kraken said in the blog post.
The company added that the move to fire some staff will give room for sustainable business while continuing to maintain world-class products and services in selective areas that add the most value for clients.
Additionally, Kraken ensured that all the fired staff receive comprehensive support like separation pay, bonus, benefits, and outplacement support among others.
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