Kraken Reduces Workforce by 15% Amidst Leadership Changes

Founded in 2011, cryptocurrency exchange Kraken has announced a 15% reduction in its workforce, a corporate restructuring, and the appointment of a new co-leader. This was reported by the NYT citing sources.

The decision will affect around 400 of the approximately 2600 employees, according to the publication. Among those affected are two executives: Chief Operating Officer Gilles BianRosa and Chief Technology Officer Vishnu Patankar.

Arjun Sethi has been appointed as the new CEO and will lead alongside Dave Ripley.

“To move forward and make Kraken a contender for the title of the world’s largest crypto platform, we need to be faster and leaner,” the company stated in a blog post.

The firm reported an increase in net income to over $1 billion, becoming “too heavy and complex in management structure.”

At the end of 2023, the American exchange underwent a significant reorganization, transferring many employees to new teams, as noted by NYT journalists. Some were left dissatisfied.

In September 2022, company co-founder Jesse Powell stepped down as CEO following accusations of fostering a toxic corporate culture.

New Initiatives

In October, it was revealed that Kraken plans to launch its own blockchain, Ink, in the first quarter of 2025. Alongside this, the company introduced a new desktop trading application.

pre-desktop pic.twitter.com/hiU5krXF9X

— Kraken Desktop (@KrakenDesktop) October 30, 2024

The application allows users to “monitor the market in real-time and customize the interface using technical analysis tools.” Kraken Desktop “provides full access to all of the exchange’s spot and futures markets and introduces new tools and functionalities,” writes The Block citing the company’s statement.

The service was launched following the closure of Cryptowatch, the company’s previous trading terminal, in July 2023. In its place, the firm offered the enhanced interface capabilities of Kraken Pro.

It is claimed that Kraken Desktop has been redesigned from the ground up to build on the legacy of Cryptowatch and improve the trading experience for users.

How Kraken Desktop Works

The service uses a native Rust technology stack to “ensure high responsiveness and reliability.” The application offers low latency in trading, allowing users to react to market changes in real-time. It is available on Windows, Mac, and Linux.

Kraken Desktop is optimized for multi-window operation and features advanced trading tools such as laddered limit orders and shortcuts for two-sided order placement.

“Active traders play a crucial role in providing liquidity to the cryptocurrency market and facilitating price discovery, yet there are few platforms designed with this important group in mind. Kraken Desktop provides active traders with the powerful tools they need to further enhance their trading experience and increase engagement with the crypto market,” noted application developer Clark Moody.

In October, Kraken announced the launch of the “wrapped” bitcoin kBTC.