Kraken, one of the world’s largest cryptocurrency exchanges, is restructuring its workforce, reducing some positions and integrating redundant teams while continuing to hire in key areas, a company spokesperson said Thursday.
“We continually evaluate our workforce to ensure it aligns with our strategic priorities,” the spokesperson said.
Last year, Kraken appointed Arjun Sethi as co-CEO and announced a 15% layoff affecting about 400 employees.
This comes after the U.S. Securities and Exchange Commission dismissed a civil lawsuit in March that alleged Kraken illegally operated as an unregistered securities exchange.
In a statement on its blog, Kraken called the layoffs a turning point for cryptocurrency, ending a “wasteful, politically motivated campaign” begun under the Biden administration that has stymied innovation and investment.
“Kraken’s business is booming. We are launching more new products than ever before, driving strong revenue growth, and rapidly expanding our entire product portfolio – including through the agreement to acquire NinjaTrader announced earlier this year,” the spokesperson added.
In March, the cryptocurrency exchange said it would acquire retail futures trading platform NinjaTrader for $1.5 billion, a deal that will allow it to expand into multiple asset classes and grow its user base.
The San Francisco, California-based company on Monday began a phased nationwide rollout of commission-free trading on more than 11,000 U.S.-listed stocks and exchange-traded funds, the latest move in its diversification of product offerings.
Cryptocurrency companies such as Kraken are exploring expansion into traditional finance, encouraged by U.S. President Donald Trump’s promise of more industry-friendly regulation.
While Kraken did not provide a specific number for the layoffs, Coindesk reported earlier in the day that the number of layoffs could reach “hundreds.”
