According to a company blog post published on Wednesday, Kraken, a crypto exchange based in the United States, will lay off 30% of its global workforce, or approximately 1,100 people, to “adapt to current market conditions.” Kraken said in a statement that the layoffs bring the company’s total workforce back to where it was a year ago. Kraken’s move comes on the heels of the collapse of the Bahamas-based crypto exchange FTX.com earlier this month, which has pushed crypto markets lower and threatened companies with FTX exposure, with one, crypto lender BlockFi Inc., declaring bankruptcy this week. “Unfortunately, negative influences on financial markets have continued, and we have exhausted preferable options for bringing costs in line with demand,” the company said in the post.
