Kraken announced layoffs as it looks to restructure following significant growth, seeking to become 'leaner' in a competitive crypto market. A report suggests that 15% of roles were affected, but Kraken has not confirmed the exact number. The firm credits its previous hierarchical management structure and siloed profit and loss systems for inefficiencies, prompting this change. Kraken has appointed Arjun Sethi as co-CEO alongside Dave Ripley, intending to streamline operations. Similar patterns have emerged in the crypto industry, as Consensys and dYdX recently announced substantial layoffs, indicating a wider trend of companies aiming for greater agility and efficiency amidst growing economic pressure. The announcement reflects a significant shift towards smaller, adaptable firms harnessing new technologies for competitive advantage.

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