Kraken Lays Off 30 Percent of Workforce Amid Crypto Market Meltdown

Crypto market is under consolidation as Bitcoin lost approximately 63 per cent of its value since the end of last year

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By Saptak Bardhan • Dec 1, 2022

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Crypto exchange Kraken announced on Wednesday to lay off 30 percent of its global workforce – approximately 1100 people – as a result of the crypto market meltdown.

"Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups. We responded by slowing hiring efforts and avoiding large marketing commitments. Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand," said the company in a blog.

Crypto market is under consolidation as Bitcoin lost approximately 63 per cent of its value since the end of last year. Companies have been forced to cut back during the decline of the crypto market. Coinbase and Unchained Capital, a bitcoin financial services firm, laid off employees as the companies look to weather the crypto winter.

The company announced its global hiring push in June. "We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year, and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission," said the company in a blog.

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