The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
Saturday, June 10, 2023
  • Login
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
Subscribe
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle
No Result
View All Result
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency
No Result
View All Result
ADVERTISEMENT
Home News Story

Kraken licenses part of its workforce: Here are the details

by Ashutosh Thakur
December 5, 2022
in News Story
130
0
Kraken licenses part of its workforce: Here are the details
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

RelatedPosts

On the issue of Bitcoin (BTC) supply

Bali wants to crack down on crypto-payments

Binance under dark clouds

The more days pass, the more companies specializing in crypto currencies like Kraken find themselves in difficulty. And for good reason, a financial crisis that has been raging for several months has taken with it many heavyweights of the crypto industry.

While some stock exchanges have already filed for bankruptcy to limit the damage, others continue to resist the crisis. Among the exchanges that do not want to abdicate, there is one of the oldest crypto trading platforms, namely Kraken.

Despite its experience and notoriety in the crypto market, this company risks going bankrupt if it does not take drastic measures such as the dismissal of part of its workforce, which it has just done.

Kraken will lay off 1,100 of its employees

The crypto market is down. Even the biggest platforms, but also the oldest cryptocurrency exchanges have their backs to the wall. After FTX, Voyager Digital and many others, it’s Kraken’s turn to find itself in turmoil.

Indeed, the second oldest cryptocurrency exchange in the USA finds itself in a dilemma. Either it dismisses part of its staff to readjust its accounts, or it risks bankruptcy. Also, this situation is largely caused by the crisis that is currently shaking the crypto market.

A market which, let us remember, has already witnessed the collapse of the giant FTX and Sam Bankman Fried. In this context, according to cryptocurrency newssome crypto exchanges have downsized by laying off some of their staff.

Thus, Kraken, which seemed to resist the crisis so far, is today forced to take radical decisions in order not to collapse.

Therefore, the crypto exchange decided to part with 30% of its employees, i.e. 1,100 employees who worked regularly for the company. This announcement of the layoffs was made by Jesse Powel, the co-founder of the Kraken platform.

To justify this decision of the company, he put forward macroeconomic and geopolitical factors. He also indicated that this wave of layoffs is nothing but a correction of the growth of the previous year.

A year in which virtual currencies reached record highs and which Kraken profited from.

However, according to some analysts, this layoff decision follows the drop in trading volumes as well as the number of new customers on the platform which is in freefall.

Also, analysts believe that the company Kraken wants to proceed with this wave of layoffs so as not to engage in bankruptcy proceedings which could occur if no action to increase revenues or to lower costs would be put in place by the company.

Interesting guide : How to do a crypto currency mining ? Discover in this guide what is a cryptocurrency mining, the different ways to mine cryptocurrencies, how mining works, as well as the software to use and the best cryptocurrencies to mine in the years to come.

Kraken agrees to compensate employees who will be laid off

The decision to part with 1,100 employees is no longer to be discussed for the management of Kraken. However, the company does not intend to get rid of its employees and abandon them to their fate without financial compensation.

Indeed, the administration of Kraken has decided to compensate each of the employees on the list of dismissals. Also, each terminated employee will receive severance pay which will be the equivalent of 16 weeks of wages without bonuses.

Each terminated employee will also receive four months of performance bonuses, medical coverage and dedicated support if needed.

Read also : Telegram is developing a decentralized cryptocurrency exchange platform |

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Related Posts

On the issue of Bitcoin (BTC) supply
News Story

On the issue of Bitcoin (BTC) supply

June 8, 2023
1.9k
Bali wants to crack down on crypto-payments
News Story

Bali wants to crack down on crypto-payments

June 7, 2023
1.9k
Binance under dark clouds
News Story

Binance under dark clouds

June 7, 2023
1.9k
Mercado Bitcoin authorized as a payment institution in Brazil
News Story

Mercado Bitcoin authorized as a payment institution in Brazil

June 7, 2023
1.9k
Coinbase stock takes a 20% slap following SEC complaint
News Story

Coinbase stock takes a 20% slap following SEC complaint

June 7, 2023
1.9k
El Salvador: Tether bets $1 billion on green bitcoin mining
News Story

El Salvador: Tether bets $1 billion on green bitcoin mining

June 6, 2023
1.9k
Load More
  • Trending
  • Comments
  • Latest
-The Blockchain Cafe

Write for us – guest post

April 14, 2022
Important Update On The Celsius Network

Important Update On The Celsius Network

June 14, 2022
TCS-The Blockchain Cafe

TCS roll-outs Quartz DevKit to help businesses build blockchain applications 40% faster

December 4, 2021
Quorums and Quorum Slices -The Blockchain Cafe

What Are Quorums and Quorum Slices?

December 4, 2021
OneCoin: the $4 billion Ponzi back in court

OneCoin: the $4 billion Ponzi back in court

0
The Blockchain Cafe

10 Things A Crypto Beginner Should Know

0
Binance Launches Training Program for Government Agencies

Binance Launches Training Program for Government Agencies

0
NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

NFT games only scratch the surface of possibilities according to Animoca’s Yat Siu

0
Altcoins: Is Binance Coin (BNB) in danger from SEC attack?

Altcoins: Is Binance Coin (BNB) in danger from SEC attack?

June 9, 2023
On the issue of Bitcoin (BTC) supply

On the issue of Bitcoin (BTC) supply

June 8, 2023
Bali wants to crack down on crypto-payments

Bali wants to crack down on crypto-payments

June 7, 2023
Binance under dark clouds

Binance under dark clouds

June 7, 2023
The Blockchain Cafe - Your Guide to Decentralized Finance and Cryptocurrency

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Navigate Site

  • News Story
  • Blockchain
  • Cryptocurrency
  • NFT
  • Metaverse
  • DAO
  • Listicle

Follow Us

No Result
View All Result
  • News Story
  • Blockchain
  • Cryptocurrency
    • Exchanges
  • NFT
  • Metaverse
  • DAO
  • Listicle

© 2022 The Blockchain Cafe - Designed and Maintenance by The Blockchain Cafe.

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version
x
x