Kraken layoff news: U.S. based crypto exchange Kraken announced it is reducing its global workforce by around 30%. The exchange cited its plans to adapt to the current market conditions in the crypto market. The move is set to affect around 1,100 employees across the world. The company made the announcement in a statement, describing the decision as “one of the hardest at Kraken to date.”

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Slow Down In Hiring

Kraken said the latest layoff decision will effectively take its team size back to the employee count it had an year ago. In the statement, Jesse Powell, cofounder and CEO of the company, said he remains “extremely bullish” on crypto. The company cited macroeconomic and geopolitical reasons for lower trading volumes. The development comes at the back of bankruptcy filing by FTX and BlockFi in quick succession.

“Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups. We responded by slowing hiring efforts and avoiding large marketing commitments.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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