Insider: Kraken has laid off hundreds of people across various business areas in preparation for its IPO

BlockBeats News, April 18th. According to Coindesk citing sources familiar with the matter, cryptocurrency exchange Kraken is preparing to go public in the United States and has laid off hundreds of people across various business areas in the past few months to streamline operations.

A source familiar with the matter said that since Arjun Sethi took on the role of co-CEO, hundreds of people have left, noting that in addition to a 15% reduction at the end of last year, the company plans to continue layoffs. "They are aggressively cutting employees in all functional areas, and this is an ongoing effort. This is to improve Kraken's EBITA," the source said.