Kraken, a cryptocurrency exchange, has announced job cuts today, affecting 30% of its workforce, or around 1,100 employees. In blog postKraken CEO Jesse Powell says the company made a decision to help it weather the “crypto winter.”
Kraken platform enables users to trade, buy and sell cryptocurrencies. It announced its plans to hire 500 new employees in JuneBut only as long as they share the same beliefs as the company “Crypto culture first”This apparently means not calling other people “toxic”, hateful, racist, oxyphobic, or a threat to their safety. After a period with rapid growth, Kraken has decided to cut its spending. It cites “significantly lower trading volumes, and fewer customer signing-ups” as reasons.
Powell states that although Kraken tried its best to mitigate the uncertain economic environment by slowing hiring and “avoiding major marketing commitments”, it ran out of money. Laid-off employees will receive 16 weeks’ severance pay and four months of continued healthcare benefits. Kraken will also support employees on company-sponsored visas, and offer access to professional networking tools.
Powell wrote that he is confident that the steps he took today will allow him to continue his mission, which the world desperately needs. “I remain very bullish on cryptocurrency and the Kraken.”
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