Crypto exchange Kraken lays off 1,100 employees

Jesse Powell, CEO of cryptocurrency exchange Kraken, sits for a photograph at the company’s San Francisco office in 2014.

In order to adapt to current market conditions, Kraken is laying off about 30% of its workforce.

Powell wrote in a post that slowing growth was caused by macro economic and political factors.

Powell said that they had to grow fast in order to provide quality and service to their clients. Our team size has gone back to where it was a year ago.

Powell said that he remained bullish on thecryptocurrencies and the company.

The implosion of FTX has led to regulatory scrutiny of the cryptocurrencies. Several hundred employees have been laid off as a result of Sam Bankman- Fried's bankruptcy.

The Digital Currency Group laid off over a thousand employees.

16 weeks of compensation will be offered by the company, and the affected employees will be able to keep their jobs.

The story has been changed to say that 1,100 workers are being laid off. An incorrect number was given in a previous headline.