Kraken Lays Off 30 Percent of Workforce Amid Crypto Market Meltdown Crypto market is under consolidation as Bitcoin lost approximately 63 per cent of its value since the end of last year

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

Crypto exchange Kraken announced on Wednesday to lay off 30 percent of its global workforce – approximately 1100 people – as a result of the crypto market meltdown.

"Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups. We responded by slowing hiring efforts and avoiding large marketing commitments. Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand," said the company in a blog.

Crypto market is under consolidation as Bitcoin lost approximately 63 per cent of its value since the end of last year. Companies have been forced to cut back during the decline of the crypto market. Coinbase and Unchained Capital, a bitcoin financial services firm, laid off employees as the companies look to weather the crypto winter.

The company announced its global hiring push in June. "We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year, and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission," said the company in a blog.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

NeoSapien Secures INR 80 Lakhs on Shark Tank India 4 for AI Wearable

Founded in 2024 by Dhananjay Yadav and Aryan Yadav, NeoSapien aims to integrate AI into daily life through its wearable technology

News and Trends

PAG Acquires Majority Stake in Pharma Packaging Player Pravesha Industries

This move underscores PAG's continued focus on India's burgeoning packaging industry, following its recent investment in Manjushree Technopack.

News and Trends

Eccentric Eyes Global Expansion with USD 5 Mn Pre-Series A Funding

The round was co-led by Exfinity Venture Partners and Arkam Ventures, marking the company's first institutional funding since its inception in 2012.