Crypto Exchange Kraken Is Laying Off 57 Employees
Kraken, one of the largest cryptocurrency exchanges, is laying off 57 North America-based employees, its CEO said.
(Bloomberg) -- Kraken, one of the largest cryptocurrency exchanges, is laying off 57 North America-based employees, according to Chief Executive Officer Jesse Powell.
The move represents roughly 10 percent of San Francisco-based Kraken’s client services team, Powell said in an emailed response to questions after speculation surfaced on social media platform Reddit that Kraken employees were laid off because of a security breach. The thread also mentioned the exchange was reducing staff after trading volumes had dropped.
“The cost-saving measure will have zero impact on the quality of our service,” Powell said in the email. “Rumors of a security breach are entirely unfounded. No other teams are affected, and we are still aggressively hiring in all areas.”
![Crypto Exchange Kraken Is Laying Off 57 Employees](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iGG4APK7rcmg/v2/560x-1.png)
Powell says he estimates closely held Kraken will have over 1,000 employees by year-end.
Kraken is the 12th-largest crypto exchange by adjusted volume, according to data tracking firm Coinmarketcap.com.
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To contact the reporter on this story: Camila Russo in New York at crusso15@bloomberg.net
To contact the editors responsible for this story: Michael P. Regan at mregan12@bloomberg.net, ;Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka, Andrew Dunn
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