You are currently viewing Kraken Lays Off 15% of Workers and Names Arjun Sethi New Co-CEO

The influential cryptocurrency exchange has undergone several reorganizations in recent years.

Kraken, one of the world’s largest cryptocurrency exchanges, on Wednesday announced the layoff of 15 percent of its workers, a corporate restructuring and the appointment of a new co-chief executive.

The cuts amounted to about 400 of the company’s roughly 2,600 employees, two people with knowledge of the company said.

Kraken named Arjun Sethi, a longtime Silicon Valley executive, as co-chief executive, alongside Dave Ripley. Mr. Ripley became chief executive in 2023 after Jesse Powell, the company’s founder, stepped down following internal struggles with employees.

“To continue forging our path ahead and put Kraken in contention to become the largest crypto platform in the world, we need to be leaner and faster,” Mr. Sethi and Mr. Ripley wrote in a blog post. “We are making organizational discipline decisions to tackle this problem and eliminate layers.”

Kraken has gone through several upheavals over the

Keep reading this article on The New York Times Business.

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