Kraken Cuts 15% of Workforce and Restructures Leadership

Cryptocurrency exchange Kraken has laid off 15% of its staff and undergone a major restructuring, according to The New York Times, citing insider sources.

The decision affects approximately 400 employees out of the company’s 2,600-strong workforce, including two executives: COO Gilles BianRosa and CTO Vishnu Patankar. The company also announced that Arjunan Sethi will take over as the new CEO, working alongside Dave Ripley.

“To move forward and achieve the status of the largest crypto platform, we must become faster and more efficient,” Kraken stated in its official blog.

Despite the layoffs, Kraken reported a net income of $1 billion, but noted that its organizational structure had become overly complex.

Background and Employee Reorganization

At the end of 2023, Kraken reorganized its workforce, shifting some employees into new teams—a move that caused dissatisfaction among some staff, according to reports.

New Products and Features

Kraken has introduced Kraken Desktop, a new trading terminal, and in October announced plans to launch the Ink blockchain.

pre-desktop pic.twitter.com/hiU5krXF9X

— Kraken Desktop (@KrakenDesktop) October 30, 2024

The Kraken Desktop application, built using the native Rust stack, enables real-time market tracking and customizable interfaces for technical analysis tools. It offers access to both spot and futures markets and includes advanced trading tools, such as multi-limit order placements and shortcuts for two-sided trades.

“Kraken Desktop provides active traders with powerful tools to enhance their market engagement and experience,” commented developer Clark Moody.

The application, available for Windows, Mac, and Linux, was released following the closure of Cryptowatch in July 2023.