Cryptocurrency exchange Kraken is sacking 1,100 employees, 30% of its workforce, in yet another sign of the prolonged crypto winter following the collapse of FTX (CRYPTO: FTT).
Kraken co-founder and CEO Jesse Powell explained in a blog that his company tripled its workforce over the last 12 months as hundreds of millions of new users had entered the crypto space. A quick scaling up was needed on the part of the exchange to cater to its new users.
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