US-based crypto exchange Kraken is hinting at downsizing its workforce, amid plans to change the way it innovates and rolls out products to its users.
In a statement, Kraken co-CEOs Arjun Sethi and Dave Ripley said participation the company aims to operate more efficiently in pursuit of its ambition to become the leading crypto exchange.
“To continue charting our path and bringing Kraken into the fray to become the largest crypto platform in the world, we need to be leaner and faster.”
Kraken says it is making structural changes after falling into the trap of building organizational layers that encourage managers to do the wrong thing.
To address the situation, Kraken says it is now making “organizational discipline decisions” and will “eliminate layers.”
“We need to ensure that our top contributors focus on building rather than managing. This means empowering our leaders to build best-in-class products, use data to make decisions that are best for our customers, and ensure that engineering, product, and design teams all feel more accountable feel for the results.
Implementing organizational change is never easy and we understand its profound impact on people’s lives. We greatly appreciate those who helped us get here and for their many contributions, and we will support them during this transition.”
Tribe Capital co-founder Arjun Sethi was recently appointed co-CEO to Dave Ripley, who has been the exchange’s CEO since April 2023.
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