Kraken cuts 150 positions as it expands AI efficiency initiatives

crypthub

7 days ago

IPO Delay and Layoffs

Kraken, formally Payward, postponed its US IPO to at least 2027 after cutting roughly 150 employees. The firm had filed a confidential registration with regulators late last year but halted the plan in March as crypto prices fell. Co‑CEO Arjun Sethi acknowledged the filing but gave no specific timeline. The staff reduction was tied to the company’s growing use of artificial intelligence.

AI‑Driven Workforce Reduction

Kraken says the layoffs stem from expanding artificial‑intelligence applications across its platform. AI tools are now embedded in many business functions, though no further cuts are planned at this time. The move signals a broader shift toward automation within the exchange.

Industry‑Wide Cuts

Crypto companies have collectively shed over 5,000 jobs this year, repeatedly citing AI as a driver. Coinbase cut 700 staff, Gemini and Crypto.com each dismissed around 200, and Block eliminated about 4,000 positions. Data firm Dune trimmed a quarter of its workforce to refocus on core products.

Future Outlook

Kraken has not publicly confirmed the layoffs or the revised IPO timeline. It is tightening operations while awaiting more favorable market conditions. Whether a 2027 public debut will be realistic remains uncertain.