Kraken is undergoing a major restructuring effort as it aims to streamline operations and position itself as a leading platform in the competitive cryptocurrency market.
Confirming the layoff of 15% of its workforce, Kraken's new co-CEO Arjun Sethi emphasized the need for a leaner structure to improve efficiency and discipline.
The changes come in the wake of internal turmoil and significant challenges within the crypto industry, driven by impacts from the FTX collapse and ongoing market volatility.
Although the cryptocurrency market is rebounding, with Bitcoin hitting record highs, many companies, including Kraken, continue to adjust their workforce amid a cautious economic outlook.
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