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 Crypto.com, 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.” 🦑