Insiders: Kraken to streamline business, lay off hundreds of employees before IPO

According to CoinDesk, informed sources have revealed that cryptocurrency exchange Kraken has laid off hundreds of employees in various areas of its business over the past few months. The company is streamlining its operations for a potential initial public offering (IPO) in the United States. According to reports, at the end of October last year, Kraken laid off 400 employees, accounting for about 15% of its total workforce. At that time, Silicon Valley investor and Kraken board member Arjun Sethi and David Ripley jointly served as co CEOs. Ripley took over the company after former CEO Jesse Powell stepped down in 2023. Since Sethi became the co CEO, hundreds of employees have left the company. A source familiar with the matter stated that after cutting 15% of its workforce at the end of last year, the company has undergone another round of ongoing layoffs. Insiders said, "They are vigorously laying off employees in all functional departments, and this is a continuous process. The goal is to increase Kraken's EBITA