San Francisco-based crypto exchange Kraken today announced that it is cutting roughly 1,100 employees, reducing its headcount by 30%.
2. In a blog post, Kraken founder and outgoing CEO Jesse Powell shared his reasoning behind the most recent wave of layoffs, citing broader economic concerns and a crypto bear market that’s yet to see relief.
3. Powell wrote that “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.”
