Kraken, the sixth largest cryptocurrency exchange by volume, has gone through a round of layoffs as it aims to eliminate organizational layers and become leaner and faster. Arjun Sethi has been announced as co-CEO to accelerate growth alongside current CEO David Ripley. The move comes amid a trend of downsizing in the crypto industry.

The cryptocurrency exchange platform Kraken has completed a round of layoffs, during which board member Arjun Sethi has been appointed as co-CEO. Kraken stated that undergoing organizational change is never easy, expressing gratitude to those who have helped them reach this point, and they will provide support for them during the transition period. New York Times reporter Mike Issac revealed that the layoff rate is 15%.

Foresight News reports that the cryptocurrency exchange Kraken has completed a round of layoffs, with board member Arjun Sethi appointed as co-CEO. Kraken stated, "Organizational change is never easy, and we understand the profound impact it has on people's lives. We are deeply grateful to those who have helped us get to where we are today, for their many contributions, and we will provide support to them during this transition period." New York Times reporter Mike Issac tweeted that "internal sources indicate the layoff rate at Kraken is 15%."

Kraken has completed a round of layoffs, and Arjun Sethi has been appointed as co-CEO.

The global sixth largest cryptocurrency exchange, Kraken, has confirmed layoffs and appointed board member Arjun Sethi as co-CEO. Kraken stated that the layoffs are aimed at addressing excessive organizational hierarchy and accelerating company growth. Reports indicate that the layoff ratio is 15%.

Odaily Planet Daily reports that a representative has confirmed that Kraken, the world's sixth-largest cryptocurrency exchange, has undergone a round of layoffs. As the news broke, board member Arjun Sethi was appointed as co-CEO to accelerate company growth alongside current CEO David Ripley. In a blog post announcing Sethi's appointment on Wednesday, the co-CEOs wrote: "We are also launching transformations that fundamentally change how we innovate, build, and launch products for our customers. As we achieve net revenues exceeding $1 billion as a global remote organization, we have fallen into the trap of establishing organizational hierarchies." The article stated that the company has become top-heavy, with corporate structure and decision-making leaning towards management, hence "we are making organizational discipline decisions to address this issue and eliminate layers; we need to be leaner and faster." Earlier, New York Times tech reporter Mike Isaac posted on X that two internal sources disclosed that Kraken laid off 15%. A representative from Kraken declined to comment on this figure. (The Block)

Kraken confirms layoffs and appoints board member Arjun Sethi as co-CEO.

Kraken has laid off 15% of its workforce, affecting approximately 400 positions, during its restructuring process. Arjun Sethi will serve as co-CEO alongside Dave Ripley. In a blog post, Kraken emphasized the need for "organizational discipline," stating that it plans to streamline the management structure that expanded due to the company's revenue exceeding 1 billion USD. While specific affected positions were not disclosed, the company's statement and discussions online indicate that upper management and C-level positions have been hit the hardest by the layoffs. Kraken wrote in its blog, "Making organizational changes is never easy, and we understand the profound impact this has on people's lives. We sincerely thank those who have helped us get to where we are today and for their many contributions; we will provide support for them during this transition."

PANews October 31st news, according to Beincrypto, due to recent structural changes, the cryptocurrency exchange Kraken announced layoffs affecting 15% of its workforce, approximately 400 positions. In addition, Arjun Sethi will serve as Co-CEO alongside Dave Ripley.

Kraken mentioned the necessity of 'organizational discipline' in a blog post, stating plans to streamline the management structure that had expanded due to the company's revenue exceeding $1 billion. Although specific affected positions were not disclosed, the company's statement and online discussions indicate that senior management and C-level positions have been most impacted by the layoffs.

Kraken wrote in the blog, “Making organizational changes is never easy, and we understand the profound impact it has on people's lives. We sincerely thank those who have helped us get to where we are today and for their many contributions, and we will provide support for them during this transition period.”

Cryptocurrency exchange Kraken announces a 15% layoff, affecting approximately 400 positions.

According to reports, the cryptocurrency exchange Kraken has appointed board member Arjun Sethi as co-CEO, working alongside current CEO David Ripley to drive the company's development. At the same time, the company has confirmed a new round of layoffs to improve operational efficiency. According to official disclosures, the company's annual revenue has exceeded 1 billion USD, but it has faced issues with excessive organizational hierarchy under the global remote work model. Internal sources indicate that the scale of this layoff is approximately 15%. This marks another significant personnel adjustment for Kraken following a 30% layoff in November 2022. The new co-CEO Sethi previously served as CEO of Lolapps and has been a member of the Kraken board since 2021.

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According to TechFlow, on October 31, The Block reported that cryptocurrency exchange Kraken has appointed board member Arjun Sethi as co-CEO, working alongside current CEO David Ripley to drive the company's growth. At the same time, the company confirmed a new round of layoffs to improve operational efficiency.
According to a disclosure from Kraken's official blog, the company's annual revenue has exceeded 1 billion USD, but there have been issues with excessive organizational hierarchy in the global remote work model. Tech journalist Mike Issac from The New York Times reported that internal sources indicate the layoff scale is approximately 15%.
It is noteworthy that this follows a significant personnel adjustment in November 2022, when Kraken laid off 30% of its workforce. The newly appointed co-CEO Sethi previously served as CEO of Lolapps and has been a member of Kraken's board since 2021.
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Kraken appoints Arjun Sethi as co-CEO while laying off 15% of its workforce.

According to BlockBeats, on October 31, The Block reported that cryptocurrency exchange Kraken announced the appointment of board member Arjun Sethi as co-CEO, aiming to promote the company's continued growth alongside current CEO David Ripley. The company stated in the announcement: "As a global remote organization, our net revenue has exceeded 1 billion dollars. We have fallen into the trap of establishing organizational hierarchies and are making decisions on organizational discipline to address this issue and eliminate hierarchies. We need to be more streamlined and agile." Earlier, New York Times technology reporter Mike Issac posted on X that two internal sources indicated that Kraken laid off 15% of its staff. A representative from Kraken declined to comment on this figure.

According to BlockBeats, on October 31, The Block reported that cryptocurrency exchange Kraken has appointed board member Arjun Sethi as co-CEO, aiming to promote the company's continued growth alongside current CEO David Ripley. The company stated in the announcement: "As a global remote organization, our net revenue has exceeded 1 billion dollars, and we have fallen into the trap of establishing organizational hierarchies. We are formulating organizational discipline decisions to address this issue and eliminate hierarchies; we need to be more streamlined and faster." Earlier, New York Times technology journalist Mike Isaac posted on X that two internal sources indicated Kraken is laying off 15%. A representative from Kraken declined to comment on this figure.

Kraken appoints board member Arjun Sethi as co-CEO and lays off 15% of its staff.

Kraken appoints board member Arjun Sethi as co-CEO and cuts 15% of staff

BlockBeats news, October 31, according to The Block, cryptocurrency trading platform Kraken announced the appointment of board member Arjun Sethi as co-CEO, aiming to promote the company's continued growth with current CEO David Ripley. The company said in the announcement: "As a global remote organization, our net income has exceeded $1 billion. We have fallen into the trap of establishing organizational hierarchies. We are making organizational discipline decisions to solve this problem and eliminate levels. We need to be more streamlined and faster." New York Times technology reporter MikeIssac posted earlier on X that two internal sources said Kraken laid off 15%. A representative for Kraken declined to comment on the figure.

According to reports from The New York Times, Kraken, one of the world's largest cryptocurrency exchanges, announced on Wednesday a 15% workforce reduction, a company restructuring, and the appointment of a new co-CEO. This layoff involves around 400 employees out of a total of approximately 2,600. Among those affected are two members of the leadership team: Chief Operating Officer Gilles BianRosa and Chief Technology Officer Vishnu Patankar.

According to reports from The New York Times, Kraken, one of the largest cryptocurrency exchanges in the world, announced on Wednesday a 15% workforce reduction, a company restructuring, and the appointment of a new co-CEO. This layoff will affect about 400 employees out of the company's 2,600. This includes two members of the leadership team: Chief Operating Officer Gilles BianRosa and Chief Technology Officer Vishnu Patankar.

Kraken announces a 15% layoff.

Kraken, one of the world’s largest cryptocurrency exchanges, on Wednesday announced the layoff of 15 percent of its workers, a corporate restructuring and the appointment of a new co-chief executive. The cuts amounted to about 400 of the company’s roughly 2,600 employees. They included two members of the leadership team: the chief operating officer, Gilles BianRosa, and the chief technology officer, Vishnu Patankar. 

The US-based cryptocurrency exchange Kraken is laying off workers as part of organizational changes following the appointment of a new co-chief executive.

The US-based cryptocurrency exchange Kraken is laying off workers as part of organizational changes following the appointment of a new co-chief executive, according to a spokesperson for the company. The spokesperson would not comment on how many employees would be affected, nor the titles of those who were laid off. The job cuts come as Arjun Sethi, co-founder of venture firm Tribe Capital, takes over as co-CEO of the company alongside Dave Ripley.

Crypto Exchange Kraken Lays Off Workers as New Co-CEO Joins Firm

Kraken announced layoffs as the crypto exchange looks to restructure and become leaner. The number of affected roles is unclear. The exchange aims to reshape itself to stay competitive in the fast-growing space. Arjun Sethi has been appointed as co-CEO.

 Kraken announced layoffs Wednesday as the crypto exchange looks to shift its organizational structuring.    It wasn’t immediately clear how many roles were impacted, and a Kraken spokesperson declined to comment.    New York Times reporter Mike Isaac said 15% of roles were impacted, citing sources.     kraken just cut 15% of its workforce, per two people inside&mdash; rat king 🐀 (@MikeIsaac) October 30, 2024     “As we’ve grown north of $1 billion in net revenue as a remote organization worldwide, we fell into the trap of building organizational layers. We put managers in charge of the successes or failures of the groups they controlled, and we predicated success based on siloed P&amp;Ls,” a blog post said.    “At its best, this structure can provide clear paths for ‘managers’ whereby they can move from smaller, less complex areas of focus to progressively larger and more complex ones. So, ‘managers’ are incentivized to do the wrong thing.”    The exchange said that it needed to get “leaner” as it moves forward, echoing a sentiment heard from Consensys CEO Joe Lubin when he announced that his firm laid off 20% of its staff on Tuesday.    Read more: dYdX, Consensys layoffs shake up the space    “Looking ahead, I see a next generation economy not dominated by large monolithic companies; instead, smaller, agile, AI-supercharged companies with Web3-based coordination tools will operate more efficiently. To stay competitive in this fast-growing space, we need to reshape ourselves and be more agile, more effective and even higher-performing,” Lubin said.    Additionally, Kraken appointed Arjun Sethi as co-CEO of the firm, who will join Dave Ripley in helming the exchange. Sethi previously served on Kraken’s board.    Perp exchange dYdX also announced layoffs on Tuesday, announcing a reduction of 35%. According to its website, dYdX employed roughly 50 employees.    Blockworks reported last week that Helium’s parent firm laid off 40% of its staff back in August and Matter Labs told Blockworks that it let go of 16% of its staff back in September.    The news comes after Kraken announced it was launching its own layer-2 called Ink, somewhat following in the footsteps of a competitor. Coinbase launched its own layer-2, Base, last year. Unlike Base, Ink plans to bring new users to DeFi.        Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.    Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.    Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.    The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus. 

Kraken Announces Layoffs and New Co-CEO

Kraken restructures with new co-CEO, layoffs reported

Cryptocurrency exchange Kraken has declared “a new day,” with the appointment of new co-CEO Arjun Sethi and a managerial shakeup. There is also an unconfirmed report of a layoff of 15% of the staff. Sethi is the co-founder and chairman of Silicon Valley venture capital investor Tribe Capital and has been a member of the Kraken board since 2021. He will share the top position at Kraken with David Ripley. In addition to disclosing Sethi’s appointment, Kraken announced coming fundamental changes on its blog on Oct. 30. “We need to be leaner and faster,” it said. Apparently Kraken’s organizational structure is in for an overhaul. According to the blog: “We fell into the trap of building organizational layers. We put managers in charge of the successes or failures of the groups they controlled, and we predicated success based on siloed P&Ls [profits and losses]. […] So, ‘managers’ are incentivized to do the wrong thing.” “We are making organizational discipline decisions to tackle this problem and eliminate layers,” the post continued. The ominous tone deepened as the discussion continued to difficult changes and profound impact on people’s lives. According to an X post by The New York Times reporter Mike Isaac, the exchange has cut 15% of its workforce. Isaac cited two unnamed inside sources. Related: Kraken to launch Ink blockchain for DeFi in early 2025 Kraken last implemented layoffs in November 2022, when it cut 1,100 people, or 30% of its workforce, due to “market conditions.” It provided those affected with severance pay and other benefits. The exchange began hiring again in mid-2024. Kraken promised support to the people in transition in its Oct. 30 blog. The Kraken announcement comes on a bad week for crypto professionals. One day earlier, blockchain firm Consensys, developer of the MetaMask wallet, announced the layoff of 162 employees, or more than 20% of its workforce, in a restructuring. That same day, dYdX Trading, which operates the dYdX decentralized cryptocurrency exchange, let 35% of its staff go . Magazine: Deposit risk: What do crypto exchanges really do with your money?  

Kraken, the sixth largest cryptocurrency exchange by volume, has gone through a round of layoffs, a representative confirmed to The Block. The news comes as Arjun Sethi was announced as co-CEO to accelerate growth alongside current CEO David Ripley.“We are also rolling out changes fundamentally changing how we innovate, build and roll out products for clients,” the co-CEOs wrote in a blog announcing Sethi’s appointment on Wednesday. “As we’ve grown north of $1 billion in net revenue as a remote organization worldwide, we fell into the trap of building organizational layers."According to the blog, the company became too top-heavy, with corporate agency and decision-making tilted toward management. "We are making organizational discipline decisions to tackle this problem and eliminate layers," they wrote. "We need to be leaner and faster."New York Times tech reporter Mike Issac posted on X that two internal sources said Kraken laid off 15% of its workforce. A Kraken representative declined to comment on the figure."Making organizational changes is never easy, and we understand their profound impact on people's lives. We deeply appreciate those who helped us get here and for their many contributions, and we will support them during this transition," Kraken's blog post said.The move comes amid a renewed wave of layoffs in the crypto industry, including at Ethereum development firm Consensys and decentralized derivatives platform dYdX, which also recently appointed a new CEO.Kraken’s decision to downsize appears to be part and parcel of a trend that’s spread across the tech industry. Beginning with Elon Musk’s mass layoffs at Twitter, a number of major tech firms including Amazon, Intel and Meta began to pivot to a leaner organizational structure.“Arjun has served on the Kraken board since 2021 and has helped us navigate a lot of our toughest challenges,” Jesse Powell, Kraken co-founder and board chair, said in a statement. “That’s why I fully trust him to inject new leadership and momentum into what we’re doing.”“He's someone who gets things done and you can see that through the many companies he's helped in his career, as a founder and as an investor,” Powell continued.Kraken previously cut 30% of its staff to weather the crypto winter in November 2022.Sethi previously served as chief executive at Lolapps, and left the firm after a round of layoffs at the social gaming company. In September 2022, he co-founded a crypto derivatives trading protocol named Nibiru. He is also one of three founders of Tribe Capital, which was started after Sethi left Social Capital as a partner.

Kraken undergoes layoffs and organizational changes, appoints Arjun Sethi as co-CEO

Kraken，这个按交易量计算的第六大加密货币交易所，进行了一轮裁员，旨在消除组织层级，使其变得更加精简和高效。Arjun Sethi 被宣布为共同首席执行官，以加速与现任首席执行官 David Ripley 的增长。这一举措是在加密行业裁员趋势的背景下进行的。

Kraken进行裁员和组织调整，任命Arjun Sethi为联合首席执行官。

Kraken，這個按交易量計算的第六大加密貨幣交易所，進行了一輪裁員，旨在消除組織層級，使其變得更加精簡和高效。Arjun Sethi 被宣佈爲共同首席執行官，以加速與現任首席執行官 David Ripley 的增長。這一舉措是在加密行業裁員趨勢的背景下進行的。