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.

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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