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Kraken reportedly fired 15% of its workforce, according to two individuals with insider knowledge, as reported by a New York Times journalist.
This week, Kraken exchange joined fellow crypto startups Consensys and DYDX in downsizing its headcount. The San Francisco-based firm <a href="https://blog.kraken.com/news/a-new-day-for-kraken" target="_blank" rel="noopener noreferrer nofollow">welcomed</a> a new co-CEO in Tribe Capital co-founder Arjun Sethi and announced “organizational discipline decisions to tackle” issues.
While the New York Times’ Mike Isaac, who first reported the news, did not specify the positions affected by the layoffs, Kraken’s press statement and social media discussions suggest the cuts primarily impacted C-suite staff and managers. According to a blog post, certain organizational structures had discouraged some team leaders from innovating.
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 We need to make sure our top contributors are focused on building rather than managing. This means we give more power to our leaders to build best-in-class products, leverage data to make decisions that are best for our clients, and make engineering, product, and design teams all feel more accountable for results.
 Kraken statement
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You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/dydx-fires-35-of-workforce-just-two-weeks-after-ceo-returns/"> dYdX fires 35% of workforce just two weeks after CEO returns </a>
Kraken was the third U.S. crypto firm to trim its workforce, albeit for different reasons. MetaMask maker and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) infrastructure developer Consensys cut staff by 20%. CEO Joe Lubin <a href="https://crypto.news/consensys-cuts-workforce-by-20-cites-macroeconomic-and-regulatory-challenges/" target="_blank" rel="noopener noreferrer nofollow">cited</a> regulatory scrutiny and macroeconomic factors as reasons.
DYDX, a decentralized perceptual exchange, <a href="https://crypto.news/dydx-fires-35-of-workforce-just-two-weeks-after-ceo-returns/" target="_blank" rel="noopener noreferrer nofollow">fired</a> 35% of employees two weeks after CEO Antonio Juliano’s return. The sweep included several core team members.
Kraken last adjusted its staff structure in 2022 following a cryptocurrency market downturn. Approximately 30% of its workforce, or about 1,100 employees, were let go amid uncertainty caused by Bitcoin’s decline and high-profile bankruptcies, such as FTX. 
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/consensys-cuts-workforce-by-20-cites-macroeconomic-and-regulatory-challenges/"> Consensys cuts workforce by 20%, cites macroeconomic and regulatory challenges </a>

Kraken joins crypto exodus with 15% layoffs

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