One of the biggest cryptocurrency exchanges in the world, Kraken, is reducing its workforce by about 30%, or 1,100 people, in order to “adapt to current market conditions,” according to co-founder and CEO Jesse Powell.
Powell claimed that “macroeconomic and geopolitical factors” were to blame for the slowing growth, which in turn had a negative impact on customer demand, trading volumes, and listings.
“We have had to grow rapidly, more than tripling our headcount, in order to provide these customers with the quality and service they expect from us. This reduction brings the size of our team back to what it was a year ago. only 12 months. I remain extremely bullish on crypto and Kraken.”
Cryptocurrency has been under pressure for a while now as American monetary policy has become more and more erratic. The industry continues to anticipate more rate increases that might have an even greater impact on activity.
Additionally, with the implementation of FTX, withdrawals and a regulatory examination have halted cryptocurrency exchanges. This one submitted its financial report on November 28 and issued licenses to hundreds of employees as part of the restructuring process.