Kraken IPO May Slip After 150 Job Cuts as Crypto Prices Drop
Kraken may not go public as soon as initially expected after cutting some staff to reduce costs, with a sharp decline in digital-asset prices weighing on the exchange’s initial public offering plans. The company is laying off about 150 employees, or roughly 5% of its workforce, in an effort to optimize the business and bolster its financials ahead of the planned IPO.
Kraken, one of the world’s oldest cryptocurrency exchanges, is also seeking funding at a $20 billion valuation as it works to bolster its financials ahead of the offering.
From the sources (5 posts)
@coindeskSCOOP: @Payward, the parent company of crypto platform @krakenfx is cutting 150 jobs as part of an optimization effort ahead of its planned IPO. @willcanny99 reports.
@degeneratenewsNEW: KRAKEN PARENT PAYWARD CUTS 150 STAFF, STREAMLINING BUSINESS AHEAD OF PLANNED IPO - PER COINDESK SOURCES SOURCE:
@wublockchainKraken Parent Payward Cuts 150 Jobs Ahead of Planned IPO According to CoinDesk, Payward, the parent company of crypto exchange Kraken, is laying off approximately 150 employees as part of an optimization and restructuring effort ahead of i
@layoffaiLAYOFF ALERT: KRAKEN 🚨 Coinbase last week, now Kraken crypto exchange is laying off 5% of their staff (~150 employees). This is an effort to optimize the company and bolster its financials ahead of its planned IPO. Kraken is additionally
@businessKraken, one of the world’s oldest cryptocurrency exchanges, has cut some staff to reduce costs and may not go public as soon as initially expected due to a sharp decline in digital-asset prices