the platform of cryptocurrencies Kraken said on Wednesday it will cut its global workforce by 30%, or about 1,100 employees, citing adverse market conditions that have hurt demand for digital assets this year.
“Since the beginning of this year, macroeconomic and geopolitical factors have weighed on financial markets,” the company said.
Kraken said it has seen a drop in trading volumes and fewer client signups, adding that with the layoffs, the total number of employees will return to the level of 12 months ago.
Earlier this month, the Coinbase laid off staff from the recruiting and onboarding teams.
Kraken, which previously slowed hiring and cut marketing spend, said it was forced into layoffs as it exhausted other measures to bring spending in line with current demand.
The collapse on cryptocurrency platforms dragged the price of bitcoin to about a two-year low.
Since then, global regulators have tackled cryptocurrency companies, with many seeking to set strict rules for the industry, which is largely unregulated.
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Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
