US-based crypto exchange Kraken is hinting at reducing its workforce amid plans to change how it innovates and rolls out products for its users.
In a statement, Kraken co-CEOs Arjun Sethi and Dave Ripley say the company is aiming to operate more efficiently to pursue its ambition of becoming the leading crypto exchange.
“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.”
Kraken says it is making structural changes after falling into a “trap” of building organizational layers that it says incentivized managers to do the wrong thing.
To address the situation, Kraken says it’s now making “organizational discipline decisions” and will “eliminate layers.”
“We need to make sure our top contributors are focused on building rather than managing. This means we give more power to our leaders to build best-in-class products, leverage data to make decisions that are best for our clients, and make engineering, product and design teams all feel more accountable for results.
Making organizational changes is never easy, and we understand their profound impact on people’s lives. We deeply appreciate those who helped us get here and for their many contributions, and we will support them during this transition.”
Tribe Capital co-founder Arjun Sethi was newly appointed as co-CEO of Dave Ripley, who has been serving as the exchange’s chief executive since April 2023.
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