The parent company of the Kraken exchange, Payward, announced the layoff of 150 employees, 5% of its global workforce. The measure is part of the firm’s financial optimization strategy, led by co-CEOs David Ripley and Arjun Sethi, with the aim of improving profit margins ahead of its expected initial public offering (IPO) in the United States.
The staff reduction continues a restructuring initiated at the end of 2024, reflecting a common practice among companies in the sector seeking to strengthen their profitability metrics ahead of institutional investors. Despite having temporarily paused its listing timeline in March 2026 due to market conditions, the firm keeps its confidential S-1 registration statement active with the SEC, targeting a valuation of $20,000 million.
While Payward reduces operating costs in mature areas, it continues to hire talent in high-growth sectors such as derivatives and tokenized assets. The success of upcoming IPOs within the crypto ecosystem will be decisive for Kraken to definitively reactivate its Wall Street debut during this year.
Source: https://goo.su/ghADo
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