By Pritam Biswas and Ateev Bhandari
(Reuters) – Kraken, one of many world’s largest cryptocurrency exchanges, is reorganizing its workforce by decreasing some positions and consolidating groups the place redundancies exist, whereas persevering with to rent in key areas, an organization spokesperson mentioned on Thursday.
“We repeatedly consider our workforce to make sure it aligns with our strategic priorities,” the spokesperson mentioned.
Final yr, Kraken appointed Arjun Sethi as co-CEO and introduced a 15% discount in its workforce, impacting about 400 staff.
This follows the U.S. Securities and Exchange Fee’s dismissal of a civil lawsuit in March, which had accused Kraken of working illegally as an unregistered securities exchange.
In an announcement on its weblog, Kraken had referred to as the dismissal a turning level for cryptocurrency that ended a “wasteful, politically motivated marketing campaign” begun through the Biden administration, and which hindered each innovation and funding.
“Kraken’s enterprise is prospering. We’re launching extra new merchandise than ever earlier than, driving sturdy income development, and quickly increasing throughout our whole product portfolio—together with by means of the settlement to accumulate NinjaTrader, introduced earlier this yr,” the spokesperson added.
In March, the cryptocurrency exchange mentioned that it could purchase retail futures buying and selling platform NinjaTrader for $1.5 billion, in a deal that may enable it to increase into a number of asset lessons and develop its consumer base.
The San Francisco, California-based firm started a phased nationwide roll out of commission-free buying and selling for over 11,000 U.S.-listed shares and exchange-traded funds on Monday, marking its newest transfer to diversify its choices.
Crypto corporations akin to Kraken are exploring enlargement into traditional monetary areas, inspired by U.S. President Donald Trump’s promise of extra industry-friendly regulation.
Whereas Kraken didn’t present particular figures for the layoffs, based on a Coindesk report earlier within the day, the quantity might be in “tons of.”
(Reporting by Pritam Biswas in Bengaluru; Enhancing by Tasim Zahid)
