The management of the large American cryptocurrency exchange Kraken announced plans to lay off 1,100 employees – this is about 30% of the total number of site staff.
An article on the company’s blog says the decision was made to “adapt to current market conditions.” Representatives of the exchange emphasize that “they will do everything to help laid-off employees in the search for new opportunities.” The staff who have been made redundant have already been notified. At the same time, the article emphasizes that after the reduction of 30% of the staff, the number of employees will return to the figure of a year ago.
“Since the beginning of the year, macroeconomic and geopolitical factors have significantly affected financial markets. This led to a strong decline in trading volume and the number of new users. We have noticeably limited the number of new hires and we have stopped large marketing campaigns. Unfortunately, the pressure on financial markets continues and we have exhausted our cost-cutting options,” Kraken CEO Jesse Powell said in a statement.
All employees leaving Kraken will receive compensation equal to 4 months of salary plus unused vacation time. There will also be additional performance and bonus payments. The exchange will also provide non-material support, for example, in processing immigration for employees who entered the country on a work visa.
It was recently reported that the Kraken exchange settled claims with the Office of Foreign Assets Control (OFAC) for violating US sanctions against Iran.
Source: Bits
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