Kraken Sheds ‘Hundreds’ Of Jobs to Streamline Business Ahead of IPO, Sources Say

Kraken was reported to have lave laid off 400 Staff, or about 15% of of itkforce, at the end of October Last Year, who Silicon Valley Investor and Kraken Member Armber Ripley, whoto took the reins whos whon former CEO Jesse Powell Stepped Down in 2023.

Since Sethi became co-CEO, “hundreds more have gone,” said a person familiar with the situation, who pointed to a rolling program of firings over and above the 15% cut late last year.

“They’re culling aggressely accounts all functions, and it’s a constant and Ongoing Thing. Is About Improving Kraken’s Ebita [earnings before interest, tax and amortization]“The Person Said.

WHEN The CEO ROLE WAS SPLIT LAST YEAR, SETHI AND RIPLEY SAID IN A BLOG POST THAT THAT WAS A NEED TO SHED “Organizational Layers” that Had Acumulated in Kraken, and Make.

Several Crypto Firms Are Currently Getting their Housses in Order to Launch An Initial Public Offering (IPO) This Year or Early Next Year. Kraken has also been pushing for increasted revenues by accounting businesses Such as Derivatives Platform Ninja Trader, for Instance, and Recently Annuncing the Addition of Stock Trading.

“Kraken’s Business is Thriving. We’re Launching More New Products Than Ever Before, Driving Strong Revenue Growth, and Rapidly Expanding Across Our Entire Product Portfolio. Ninjatrader, Announced Earlier this Year, “A Kraken Representative Told Coindesk.

“AT SAME TIME, WE STINUUSLIUATE OUR WORKFORCE TO ENSURE IT ALIGNS WITH OUR Strategic Prioritis. Roles and Consolidate Teams Where Redundancies Exist, While Continuing to Hire in Key Areas of the Business, “The Kraken SpokesPerson Said.