Kraken lays off 30% of staff
blog.kraken.com
Kraken lays off 30% of staff
1–10 of 238 posts
Re: Kraken lays off 30% of staff
#2"hundreds of millions of new users entered the crypto space"
Without their crypto space suits, apparently.
Re: Kraken lays off 30% of staff
#3Is volume down, or is in-house speculation less successful?
Re: Kraken lays off 30% of staff
#4> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions.
Why does a crypto exchange need 4,000 employees?
Re: Kraken lays off 30% of staff
#5At least they're handling it responsibly and generously:
From their blog:
Separation pay: We will pay 16 weeks of base pay for all departing Krakenites inclusive of the paid leave period.
Performance bonus: For those eligible, we will pay each departing Krakenite their bonus as determined by their manager.
Benefits: We will offer eligible Krakenites 4 months of healthcare continuation coverage inclusive of the paid leave period. All Krakenites will continue to have access to counseling services during this period.
Extension of exercise window: We will extend departing Krakenites’ window to exercise their vested stock options.
Immigration support: Kraken will provide dedicated visa and immigration support for those currently on company-sponsored visas.
Outplacement support: We will provide career support for departing Krakenites, including networking opportunities, job search best practices, interview guidance, and more.Re: Kraken lays off 30% of staff
#6Is volume down, or is in-house speculation less successful?
[deleted]
Re: Kraken lays off 30% of staff
#7> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?
To show growth to investors.
Re: Kraken lays off 30% of staff
#8Is volume down, or is in-house speculation less successful?
yes
Re: Kraken lays off 30% of staff
#9> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?
> Why does a crypto exchange need 4,000 employees
Because they’re not an exchange. They’re a broker, lender and apparently a bank [1].
Re: Kraken lays off 30% of staff
#10> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?
I would assume most of the 1.1k people is support. You have timezones, hundreds of thousands of customers (if not millions). Kraken has one of the best support I encountered. But with less people buying/selling (as with Amazon: Less buying stuff, less using etc), companies are laying off Marketing, Customer Support, maybe Recruiters and HR. Maybe stopped side projects. I would not expect they shrink their engineering by much.