1 year ago
91 Jesse Powell, CEO of cryptocurrency speech Kraken, sits for a photograph astatine the company's San Francisco bureau successful 2014.
David Paul Morris | Bloomberg via Getty Images
Kraken, 1 of the world's largest crypto exchanges, volition laic disconnected 30% of its headcount, oregon 1,100 people, "in bid to accommodate to existent marketplace conditions," co-founder and CEO Jesse Powell said Wednesday.
Powell wrote successful a blog post that slowing growth, prompted by "macroeconomic and geopolitical factors," had muted lawsuit demand, lowered trading volumes and chopped sign-ups.
"We had to turn fast, much than tripling our workforce successful bid to supply those clients with the prime and work they expect of us," Powell said. "This simplification takes our squad size backmost to wherever it was lone 12 months ago."
"I stay highly bullish connected crypto and Kraken," Powell added.
Crypto exchanges person been buffeted by withdrawals and regulatory scrutiny aft the implosion of FTX. Sam Bankman-Fried's crypto empire filed for bankruptcy connected Nov. 28 and has shed respective 100 employees successful the restructuring process.
Barry Silbert's Digital Currency Group shed astir 13% of its unit successful November. Crypto.com laid disconnected 2,000 employees successful October.
Kraken volition connection 16 weeks of compensation arsenic severance and volition widen the affected employees' vesting window.
