The global sixth largest cryptocurrency exchange, Kraken, has confirmed layoffs and appointed board member Arjun Sethi as co-CEO. Kraken stated that the layoffs are aimed at addressing excessive organizational hierarchy and accelerating company growth. Reports indicate that the layoff ratio is 15%.

Odaily Planet Daily reports that a representative has confirmed that Kraken, the world's sixth-largest cryptocurrency exchange, has undergone a round of layoffs. As the news broke, board member Arjun Sethi was appointed as co-CEO to accelerate company growth alongside current CEO David Ripley. In a blog post announcing Sethi's appointment on Wednesday, the co-CEOs wrote: "We are also launching transformations that fundamentally change how we innovate, build, and launch products for our customers. As we achieve net revenues exceeding $1 billion as a global remote organization, we have fallen into the trap of establishing organizational hierarchies." The article stated that the company has become top-heavy, with corporate structure and decision-making leaning towards management, hence "we are making organizational discipline decisions to address this issue and eliminate layers; we need to be leaner and faster." Earlier, New York Times tech reporter Mike Isaac posted on X that two internal sources disclosed that Kraken laid off 15%. A representative from Kraken declined to comment on this figure. (The Block)

Kraken confirms layoffs and appoints board member Arjun Sethi as co-CEO.