Around 1,100 employees are affected by the job cuts at the exchange. Jesse Powell wrote that the firm decided to help it weather the winter.
The company plans to hire 500 new employees in June but only if they agree with the company's "crypto-first culture." After a period of rapid growth, the company is pulling back on its spending.
Powell says that while Kraken tried to mitigate uncertain economic conditions by slowing down on hiring, it eventually ran out of ways to save money. 16 weeks of separation pay will be given to employees who have been laid off. Employees with company sponsored visas will be given access to career networking tools.
Powell writes that he is confident the steps they are taking will ensure they can continue to deliver on their mission. I'm still very bullish on thecryptocurrencies.
The US Department of the Treasury accused the company of violating sanctions against Iran. DoorDash has announced that it is cutting around 1,250 workers. It also follows a wave of job cuts affecting workers in the tech industry, including at Meta, Amazon, and many others.
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