Kraken The Whip

U.S.-based cryptocurrency exchange Kraken announced today via their corporate blog that they are cutting 1,100 jobs (roughly 30%) to weather the current crypto market storm. 

Kraken announced a very generous severance package for their departing employees (which they refer to as Krakenites):

  • 16 weeks of pay 
  • performance bonus(es)
  • 4-months of healthcare coverage and continued access to counseling services
  • extension of exercising their vested options
  • dedicated visa and immigration support
  • networking opportunities, career support, interview practices, and more

Kraken joins, Gemini, and Coinbase ($COIN) as a company cutting staff during the bear market. 

In June 2022, Kraken announced a massive 500+ hiring push. At the same time, Kraken’s founder, Jesse Powell, generated some criticism for his 31-page anti-woke company culture piece titled Kraken Culture Explained.” 

Powell stated only 20 of Kraken’s 3,200 employees were not “totally on board.” 🦑


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