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An American cryptocurrency exchange announced that it will streamline its operations and make changes in its organizational structure as it aims to become the world’s largest crypto platform. As part of the changes, the Kraken crypto exchange will downsize its workforce by at least 15%. More Focus On Innovation In a statement, Kraken stated that the goal of the corporate restructuring is to make innovation the cornerstone of their operations. The crypto platform will shift its attention to product engineering, saying that it plans to make teams involved in engineering, product, and design teams “more accountable for results”. According to the exchange, it aims to leverage data in making decisions that will benefit its clients. The company also plans to align its high productivity with client needs, which the crypto firm sees as significant for its success. Kraken, one of the world’s largest cryptocurrency exchanges, on Wednesday announced the layoff of 15 percent of its workers, a corporate restructuring and the appointment of a new co-chief executive. The cuts amounted to about 400 of the company’s roughly 2,600 employees. They… — Wu Blockchain (@WuBlockchain) October 30, 2024 Further, Kraken will reinvent itself by turning into a leaner organization by abolishing administrative layers and shifting its manpower to technical and product-focused teams, a move that will make the crypto exchange more efficient while maintaining its innovative quality. Downsizing Manpower Kraken stated in a blog post that the company will reduce its workforce by letting go 15% of its 2,600 employees, a move associated with its corporate reorganization, saying that it is part of its “organizational discipline decisions” to reduce redundancies. Around 400 workers will be furloughed by the company. Among these are two individuals in leadership roles, chief operating officer Gilles BianRosa and chief technology officer Vishnu Patankar. BTCUSD trading at $70,181…

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Filed under: News - @ November 2, 2024 7:02 am