{"id":23197,"date":"2025-04-18T19:34:10","date_gmt":"2025-04-18T16:34:10","guid":{"rendered":"https:\/\/forklog.com\/en\/kraken-undergoes-significant-job-cuts-ahead-of-ipo\/"},"modified":"2025-04-18T19:34:10","modified_gmt":"2025-04-18T16:34:10","slug":"kraken-undergoes-significant-job-cuts-ahead-of-ipo","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/kraken-undergoes-significant-job-cuts-ahead-of-ipo\/","title":{"rendered":"Kraken Undergoes Significant Job Cuts Ahead of IPO"},"content":{"rendered":"

In recent months, cryptocurrency exchange Kraken has laid off “hundreds of employees.” The business optimization, amid a potential listing in the US, affected all company divisions, reports CoinDesk<\/a>.<\/p>\n

In late October 2024, Kraken reduced its workforce by 400 people<\/a>, or about 15% of its staff. <\/p>\n

This followed the appointment of venture investor Arjun Sethi as co-CEO, who took the helm alongside David Ripley. Ripley became CEO in mid-2023, succeeding the exchange’s co-founder Jesse Powell.<\/p>\n

Taking charge, Sethi and Ripley promised<\/a> to eliminate the “organizational layers” that had accumulated at Kraken to make the business “more compact and agile.” <\/p>\n

Since then, a permanent layoff program has affected hundreds of people, a knowledgeable source told CoinDesk.<\/p>\n

\n

“They are aggressively trimming across all departments, and it is a constant and ongoing process. It’s about improving Kraken’s EBITDA [earnings before interest, taxes, depreciation, and amortization],” the source emphasized.<\/p>\n<\/blockquote>\n

Journalists linked this to the company’s plans for an initial public offering (IPO)<\/a> around the first quarter of 2026.<\/p>\n

\n

“Kraken’s business is thriving. We are launching more new products than ever before, ensuring significant revenue growth and rapidly expanding<\/a> our portfolio of offerings, including through the agreement to acquire NinjaTrader<\/a> this year,” a company representative stated.<\/p>\n<\/blockquote>\n

The representative confirmed that the company continually assesses the alignment of its workforce with strategic priorities:<\/p>\n

\n

“We make tough decisions to eliminate certain positions and consolidate teams where there are redundancies, while continuing to hire in key areas of the business.”<\/p>\n<\/blockquote>\n

Back in March, the US Securities and Exchange Commission withdrew its lawsuit<\/a> against Kraken.<\/p>\n","protected":false},"excerpt":{"rendered":"

In recent months, cryptocurrency exchange Kraken has laid off “hundreds of employees.” The business optimization, amid a potential listing in the US, affected all company divisions, reports CoinDesk. In late October 2024, Kraken reduced its workforce by 400 people, or about 15% of its staff. This followed the appointment of venture investor Arjun Sethi as […]<\/p>\n","protected":false},"author":1,"featured_media":23196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1166,193],"class_list":["post-23197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-centralized-exchanges-cex","tag-kraken"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23197"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23196"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}