Crypto Companies Continue With Major Layoffs – Kraken Cuts 15% of Workforce

Kraken has announced a reduction in its workforce by about 15%, translating to around 400 jobs, as part of a recent organizational restructuring.

This move, first reported by the New York Times, coincides with Arjun Sethi’s appointment as co-CEO alongside Dave Ripley.

In a blog post, Kraken emphasized the need for “organizational discipline” and plans to streamline management layers that expanded significantly as its revenue surpassed $1 billion.

Although specific roles were not disclosed, reports suggest senior management and C-suite positions were most affected. The company acknowledged the profound impact of these layoffs on employees and committed to providing support during the transition.

READ MORE:

dYdX Reduces Core Team by 35% as Part of Strategic Shift

These layoffs reflect a wider trend in the cryptocurrency industry, with dYdX announcing a 35% reduction in its core team and Consensys cutting 20% of its workforce due to economic pressures and regulatory challenges.

As part of its restructuring, Kraken is preparing for major developments in 2025, including the launch of its proprietary blockchain, Ink, aimed at enabling decentralized trading, borrowing, and lending. The exchange is also involved in a legal dispute with the SEC over allegations of offering unregistered securities, which Kraken contests, arguing that tokens like ADA, ALGO, and SOL do not meet the U.S. definition of securities.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.