Kraken Streamlines Operations with Layoffs Ahead of Potential U.S. IPO
Cryptocurrency exchange giant Kraken has laid off hundreds of employees over recent months as part of its efforts to streamline operations in preparation for a potential initial public offering (IPO) in the United States. The layoffs, which affected about 15% of its workforce, underscore the company’s strategic shifts under new leadership.
Kraken Lays Off Hundreds of Employees Ahead of IPO
Crypto exchange giant Kraken has laid off hundreds of staffers across all areas of the business over the past several months. The firm continues to streamline its operations ahead of a potential public listing in the U.S. Kraken was reported to have laid off 400 staff, or about 15% of its workforce, at the end of October last year. Since Silicon Valley investor and Kraken board member Arjun Sethi became co-CEO alongside David Ripley, hundreds more employees have been laid off. The company is aggressively cutting staff across all functions.
Kraken Launches FX Perpetual Futures for Major Forex Pairs
Crypto exchange Kraken has expanded into traditional markets with the launch of FX perpetual futures, offering round-the-clock trading for major forex pairs such as EUR/USD and GBP/USD. These contracts are now live on Kraken Pro, with more to follow. Unlike standard forex products, FX perpetual futures have no expiry and operate 24/7, mirroring crypto futures. Kraken is focusing on serving institutional and professional traders looking for deeper exposure to fiat markets through a crypto-native platform. This move comes as crypto and traditional financial markets increasingly converge, with Kraken recently launching commission-free trading for U.S.-listed stocks and ETFs.