Kraken confirms layoffs and appoints board member Arjun Sethi as co-CEO

Kraken, the world's sixth-largest cryptocurrency exchange, has experienced a round of layoffs, a representative confirmed. The news came as board member Arjun Sethi was appointed co-CEO to accelerate the company's growth alongside current CEO David Ripley. "We are also rolling out changes that fundamentally change the way we innovate, build and launch products for our customers," the co-CEO wrote in a blog post announcing Sethi's appointment on Wednesday. "As we achieve more than $1 billion in net revenue as a global remote organization, we have fallen into the trap of building organizational layers." The article said that the company has become top-heavy, with corporate structures and decision-making power leaning towards management, so "we are making organizational discipline decisions to address this and eliminate layers. We need to be leaner and faster." New York Times technology reporter MikeIssac posted earlier on X that two internal sources revealed that Kraken had laid off 15% of its employees. A representative for Kraken declined to comment on the figure. (The Block)