Kraken, the world’s third-largest exchange by trading volume, announced cutting off its workforce by 30% to deal with current market conditions. Specifically, the San-Francisco based company has reduced its staff by 1,100 employees.
When the crypto market was already facing long-lasting winter, the FTX fiasco added fuel to the fire by pulling down the Bitcoin price to a two-year low. Though the crypto exchange’s fall led global authorities to tighten regulations and start probes in various platforms, lower crypto prices also pushed cryptocurrency companies to cut their staff to survive in the bear market.
Jesse Powell, Kraken co-founder and CEO, explained in a blog post that the platform had tripled its workforce during the previous bull market to offer its users a seamless experience. But, unfortunately, the market pullback pushed the company to bring its headcount back to where it was 12 months ago.
The CEO added;
Read more…
