Kraken Cuts 150 Staff, Citing Rising AI Use

Crypto change Kraken has reportedly laid off a few of its workers as a cost-cutting measure, which may delay its deliberate preliminary public providing within the US till subsequent yr.

The corporate, whose company identify is Payward, laid off about 150 staff on account of efficiencies from deploying synthetic intelligence throughout the enterprise, Bloomberg reported on Friday, citing an individual aware of the matter.

The particular person stated AI is getting used extra extensively all through Kraken, however the firm just isn’t planning additional job cuts for the time being.

Crypto-related firms have reduce greater than 5,000 jobs to this point this yr, with many citing elevated efficiencies from AI as a motive for the layoffs. Block Inc. undertook the most important spherical of layoffs by a crypto firm to this point in 2026, reducing 4,000 staff or about half its workforce in February in an AI-driven cutback.

A decline in crypto costs since late final yr has additionally stung public crypto firms’ steadiness sheets, with many reporting losses of their first-quarter earnings.

Kraken’s cuts have reportedly pushed again its plan to go public someday this yr, with the corporate now eyeing a debut within the US in 2027.

Cointelegraph reached out to Kraken however didn’t obtain an instantaneous response.

Kraken’s plans to go public have been on and off for months. In November, the corporate confidentially filed with US regulators to go public earlier than pausing its IPO in March on account of a declining crypto market.

Kraken co-CEO Arjun Sethi reiterated Kraken’s confidential IPO filing final month when he was requested onstage at a convention whether or not there have been plans to take the corporate public quickly, however he didn’t share a timeline.

Supply: Semafor

Associated: How AI became crypto’s favorite reason to cut staff

The layoffs at Kraken are available the identical week that crypto information firm Dune stated it laid off 25% of its workforce, citing a have to restructure its enterprise and deal with its core merchandise.

Coinbase reduce 700 workers, or about 14% of its workforce, earlier this month, on Might 5, citing a rise in AI use. 

Rival crypto exchanges Gemini and Crypto.com additionally laid off 200 and about 180 workers, respectively, earlier this yr, each citing the rising use of AI.

Journal: Guide to the top and emerging global crypto hubs: Mid-2026