Crypto Exchange Kraken to Lay Off 1,100 as Industry Pain Deepens
- Exchange is cutting 30% of its workforce amid downturn
- The company cited market conditions as reason for the cut
Photographer: Tiffany Hagler-Geard/Bloomberg
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The crypto exchange Kraken is laying off 30% of its workforce, or about 1,100 people, as the fallout from this year’s digit-asset market meltdown worsens.
The job eliminations at the world’s third-biggest crypto exchange by daily trading volume follows similar moves by rivals including Coinbase Global Inc. and Gemini. Many exchanges have seen revenue slump as trading activity fell off in recent months with crypto prices plunging. The recent collapse of the crypto exchange FTX added to market uncertainty.