Due to the crypto winter, the cryptocurrency exchange platform will part with 30% of its workforce, or 1,100 employees.
Apart from Binance, the crypto winter does not seem to have spared any cryptocurrency exchange platform. On Wednesday, the gaming giant Kraken announced that it would have to lay off 30% of its workforce, or nearly 1,100 employees. “Today we are announcing one of the most difficult decisions Kraken has made to date,” said boss Jesse Powell. Such a reduction in the workforce brought the company back to its size a year ago.
“A significant reduction in volumes”
In question, the turmoil in the cryptocurrency market in recent months.
“Since the beginning of the year, macroeconomic and geopolitical factors weighed on the financial markets. This resulted in a significant decrease in the number of transactions and a decrease in the number of customer registrations,” explained his boss. .
According to the data collected by The Blockcryptocurrency trading volume fell to $659 billion in November from $841 billion in January.
“Optimistic” for the future
One of the oldest exchange platforms, founded in 2011, does not give up hope.
“I am confident that the steps we are taking today will allow us to continue to fulfill our mission, which the world needs more than ever. I remain extremely bullish on crypto and Kraken,” said Jesse Powell.
Kraken is not the first platform to cut its workforce due to the crypto winter. The giant Coinbase thus parted from 18% of its workforce in June, or about 1,100 employees.