Cryptocurrency exchange lays off 1,000+ workers

As the “crypto winter” sets in, a cryptocurrency exchange fires more than 1,000 employees.
Another significant cryptocurrency exchange has made an internal announcement that it will be terminating more than 1,000 employees or around 30% of its workforce.

Cryptocurrency exchange lays off 1,000+ workers
Image Source: Google

 

Cryptocurrency exchange lays off 1,000+ workers

On Wednesday, Kraken made the announcement that it will be laying off 30% of its workers as a result of the slump in the bitcoin market.

In a blog post, the cryptocurrency exchange noted that due to macroeconomic, geopolitical, and market conditions, Kraken has seen dramatically reduced trading volumes and fewer new client sign-ups. Kraken said it will reduce the hiring frequency, avoid making significant market commitments, and reduce its worldwide staff by about 1,100 workers in order to adjust to the market’s current conditions.

According to Kraken, everyone who has been fired from the company, or who is referred to as a “Krakenite,” will receive 16 weeks of base pay, including the paid leave period, performance bonuses, four months of healthcare continuation, an extended window of time for their vested stock options, immigration support, and outplacement support.

With Elon Musk just cutting off half of Twitter’s staff, Facebook drastically reducing the frequency of recruiting new employees, and Amazon planning to lay off more than 10,000 people, Kraken is just one of several businesses that are responding to the macroeconomic situation by mass-firing workers.

Image Source: Google

 

Notably, the cryptocurrency exchange that announced its personnel decrease did so after the collapse of FTX, which had been the second-largest cryptocurrency exchange in the world. Since FTX’s demise, a large wave of withdrawals has hit cryptocurrency exchanges all around the world as owners of cryptocurrencies seek to protect their investments. Kraken stands out as the 15th best-centralized crypto trading platform, with $440 million in daily trading volume.

In other cryptocurrency news, prior to Sam Bankman-Fried (SBF) filing for bankruptcy and resigning, senior FTX lawyers were attempting to strip him of his authority. According to reports, the previous CEO of FTX disregarded attempts by the business’s lawyers to contact SBF because he believed he could prevent the company from going bankrupt. Check out the links above and below to discover more about the FTX collapse and Sam Bankman-Fried, the exchange’s former CEO.

 

Leave a Comment