As a seasoned analyst with over two decades of experience in the financial sector, I’ve seen my fair share of turbulence and transformation within companies, especially during times of market volatility. Kraken’s recent move to restructure, as reported by The New York Times, seems to be no exception to this trend.
Kraken, a prominent cryptocurrency exchange, is said to be reducing its workforce by 15% due to internal reorganization as announced on Wednesday. Roughly 400 employees are believed to be affected by this move, with some high-ranking departures including COO Gilles BianRosa and CTO Vishnu Patankar, as reported by sources close to the company and confirmed by The New York Times.
Arjun Sethi, who is a co-founder and chairman at venture capital firm Tribe Capital and has been on the Kraken board since 2021, has recently been named as one of two new co-CEOs at Kraken. Dave Ripley, who succeeded Kraken’s founder Jesse Powell in 2023, is also serving as a co-CEO. In a blog post, Sethi and Ripley highlighted their intention to improve efficiency and simplify management structures, stating that the company needed to become more agile to maintain its edge in the competitive cryptocurrency market. They explained that this decision was aimed at streamlining operations and redirecting employee attention from managing towards building new products.
According to an article from The New York Times, this recent restructuring represents another significant shift for Kraken, a change that’s part of a larger pattern over the last two years. In 2022, Powell was embroiled in a public conflict concerning workplace culture, allegedly asking employees to share his perspectives or leave the company. This was followed by his resignation amid an investigation by the Treasury Department into potential sanctions breaches, which Kraken eventually resolved. Lastly, in November 2022, Kraken reduced its workforce by approximately 30% following the collapse of FTX.
Although Bitcoin has reached new heights in the market this year following its recovery, there continue to be job reductions within the industry. Companies such as Consensys and dYdX have made recent announcements about layoffs.
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2024-10-31 11:05