Kraken Reorganizes Staff as Company Preps for Wall Street Debut

In recent months, Kraken has reorganized his staff in several departments as part of a strategic step before the planned first public offer next year.

A spokesperson for Kraken told Decrypt That the company continuously evaluates its staff to ensure that it matches its strategic priorities.

“We approach this with discipline and intention, making the difficult decision to eliminate certain roles and consolidate teams where there are dismissals, while they continue to hire in important areas of the company,” they said.

The Crypto Exchange spokesperson added that Kraken “launches more new products than ever before, stimulates strong revenue growth and quickly spreads over our entire product portfolio.”

That includes a deal to acquire Ninjatrader, announced last month. Coindsk Initially on Thursday it reported that “hundreds” employees have been fired since Kraken trimmed 15% of his workforce in October.

When last year’s dismissal were announced, Co-CEO Arjun Sethi and Dave Ripley Kraken said At that time they had fallen in ‘The fall of building organizational layers’. Since then, Sethi and Ripley claimed that they tried to “tackle” the problem and “eliminate” those.

The reported restructuring and dismissal of Kraken follow the dismissal of a lawsuit of the US Securities and Exchange Commission against the Exchange in March. Kraken spokespersons characterized it as the end of a ‘wasteful, politically motivated campaign’.

Three weeks before the official dismissal of the lawsuit, the parent company Van Kraken, Payward Inc. confirmed Decrypt These are plans to become public, were part of a long -term route map.

Kraken will “pursue public markets” because it is “logical” for its customers, partners and shareholders, a spokesperson told of the company Decrypt At the beginning of March.

It is said that the company is considering collecting $ 1 billion in debts to speed up growth before they are made public, together with large financial institutions such as Goldman Sachs and JPMorgan Chase.

The exchange continues to expand its product portfolio and the launch of commission-free shares and ETF trade for American customers on Monday. Earlier this year, the company also completed an acquisition of $ 1.5 billion of Futures Trading Platform Ninjatrader.

Published by Stacy Elliott.