Crypto: - 30% workforce at Kraken, the bear market is raging!

Kraken makes an important decision to maintain its long-term business. As investors take a step back from the bear market, the crypto exchange platform is forced to part ways with most of its employees. However, she intends to ensure an adequate transition for them.

Kraken takes steps to survive the bear market

The crypto ecosystem is once again buckling under the weight of the bear market. While the sector was believed to be on the right track for a recovery, the difficulties of some crypto companies prove the opposite. Following the collapse of FTX, Kraken announced on Thursday that it was parting ways with 30% of its workforce.

Indeed, according to the statements of Jesse Powell, the CEO and co-founder of the crypto exchange, the platform is parting with more than 1000 employees around the world. Probably a difficult and well-considered decision. In a Press releasethe latter says that this is necessary so that it can survive the current market conditions.

Remember that cryptocurrencies have lost more than 70% of their value during this year. Bitcoin (BTC) and Ethereum (ETH), the main cryptos on the market are now very far from their peaks. According to the release, this is happening because the crypto space has grown exponentially over the past few years.

As a result, millions of investors have trusted Kraken thus increasing its workload. In this momentum, the platform had to increase its workforce in order to respond effectively to demand. However, current macroeconomic and geopolitical factors force the company to review this criterion. With the significant drop in transaction volumes and increasingly reduced registrations, the layoff of 1,100 employees is the best solution.

However, as the oldest crypto exchange in the world, Kraken intends to support the transition of krakenites in an optimal way. Thus, they will benefit from severance pay, performance bonuses and also immigration assistance. By taking all these steps, Powell hopes to ensure the sustainability of its operations. But in another time, he also wants to support and encourage his former employees.

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