Kraken is the latest cryptocurrency exchange that’s been forced to downsize in the face of macroeconomic headwinds and a devastating crypto bear market.
“We responded by slowing hiring efforts and avoiding large marketing commitments,” explained the company. “Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.”
“Macro was already tough and we held out but recent industry woes diminished near-term optimism about a crypto rebound,” elaborated Jesse Powell – founder and CEO of Kraken – on Twitter. “Better positioned now. Glad we were able to take good care of our former colleagues.”