Kraken is reducing some jobs while expanding into traditional financial markets with new services and acquisitions.
Kraken Cuts Redundant Roles to Stay Focused
Kraken, one of the largest cryptocurrency exchanges in the world, has started cutting redundant positions and merging teams with overlapping duties. A spokesperson said the move aligns with the company’s long-term goals and helps keep operations efficient.
Hiring Still Active in Key Business Areas
While some roles are being removed, Kraken confirmed that it is still hiring in important areas. The company is shifting its resources toward projects that match its future growth plans.
Leadership Change and Previous Layoffs
In 2024, Kraken appointed Arjun Sethi as co-CEO and reduced its workforce by 15%, letting go of about 400 employees. The recent changes follow that same strategy to streamline operations and prepare for expansion.
Legal Win Marks a New Chapter for Kraken
Earlier this year, the U.S. Securities and Exchange Commission dropped a lawsuit that accused Kraken of running an unregistered securities exchange. Kraken called the dismissal a major victory for the crypto industry and criticized past regulatory actions as politically motivated.
Business Is Booming With New Products and Growth
Kraken says business is doing well, with strong revenue and many new products in the pipeline. One major step was its agreement to acquire NinjaTrader, a popular retail futures trading platform.
Kraken to Acquire NinjaTrader for $1.5 Billion
The NinjaTrader acquisition, valued at $1.5 billion, will help Kraken offer more services across different financial markets. The goal is to reach more users and expand beyond cryptocurrency trading.
Launch of Commission-Free Stock Trading in the U.S.
Kraken has also started offering commission-free trading for over 11,000 U.S.-listed stocks and ETFs. This new service began rolling out nationally this week, giving users access to traditional finance tools through Kraken’s platform.
Crypto Firms Move Toward Traditional Finance
Kraken is one of several crypto companies now entering traditional financial markets. This shift has been encouraged by U.S. President Donald Trump’s support for crypto-friendly regulations that aim to grow the digital asset industry.
Layoff Numbers Could Be in the Hundreds
Although Kraken didn’t give an exact number for the recent job cuts, a report by CoinDesk suggests that the layoffs may affect several hundred employees.
