Crypto exchange Kraken today announced it’s letting go of 1,100 staffers. The announcement came from a company blog post and follows similar news from DoorDash that it was also cutting staff.
News that Kraken is cutting staff — and therefore costs — is not a surprise, given a generally gloomy macroeconomic climate and even worse climes in crypto-land. Prior to the Kraken news, we’ve seen several high-profile implosions in and amongst web3 companies, and layoffs from other exchanges including the American crypto giant Coinbase earlier in the year.
Per Kraken, the 1,100 affected employees represent around 30% of its staff, making them stiffer most cuts that we’ve seen from tech companies this year, reductions that tended to land in the 10% to 20% range.
The exchange explained why it made the cuts, writing that “significantly lower trading volumes and fewer client sign-ups” this year led it to reduce its hiring pace and avoid “large marketing commitments.” However, continuing “negative influences on the financial markets” according to Kraken made the cuts necessary despite its attempts to cut other expenses before laying off staff.
DoorDash …
