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Kraken crypto exchange lays off 30 percent of workforce

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The cryptocurrency exchange Kraken announced job cuts today, affecting 30 percent of its workforce, or around 1,100 employees. In a blog post, Kraken CEO Jesse Powell says the firm made the decision to help it weather the “crypto winter.”

Kraken, a platform that lets users buy, sell, and trade crypto, announced its plans to hire 500 new employees in June, but only as long as their beliefs aligned with the company’s “crypto-first culture,” which apparently means not calling out things said by others as “toxic, hateful, racist, x-phobic.” But now, Kraken’s pulling back on its spending after a period of rapid growth, citing “significantly lower trading volumes and fewer client sign-ups.”

Source:theverge.com

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