<p><span data-contrast="auto">Kraken's the latest crypto firm to announce mass layoffs.</span></p> <p><span data-contrast="auto">"We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions," co-founder and CEO Jesse Powell said in a blog post. Powell previously </span><a href="https://www.theblock.co/post/171847/krakens-jesse-powell-stepping-down-as-ceo-of-crypto-exchange"><span data-contrast="none">announced</span></a><span data-contrast="auto"> he would be stepping step down in September. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">In June, Kraken had </span><a href="https://blog.kraken.com/post/14372/kraken-announces-global-hiring-push-and-commitment-to-crypto-first-culture/"><span data-contrast="none">announced</span></a><span data-contrast="auto"> it had no plans to adjust its hiring goals. The firm said at the time in a blog post, “We do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year and believe bear markets are fantastic at weeding out the applicants chasing hype fr</span><span data-contrast="auto">om the true believers in our mission.”</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">Powell's post from earlier today notes macroeconomic and geopolitical factors have weighed on financial markets since the beginning of this year. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">"This resulted in significantly lower trading volumes and fewer client sign-ups," he said.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> Crypto exchange volumes have fallen to $659 billion this month from $841 billion in January of this year, according to The Block's <a href="https://www.theblock.co/data/crypto-markets/spot">data</a>.</span></p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/crypto-markets/spot/cryptocurrency-exchange-volume-monthly/embed" title="Cryptocurrency Exchange Volume (The Block Legitimate Index)" width="100%"></iframe></p> <p><span data-contrast="auto">The post goes on to say Kraken responded by slowing hiring efforts and avoiding large marketing commitments. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">"Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand," he said.</span><span data-ccp-props="{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="auto">While today's announcement contradicts</span><span data-contrast="auto"> the firm's earlier note, the landscape has changed considerably since June. The downturn has been exacerbated by bankruptcies as the crypto credit crisis persists. Layoffs have </span><a href="https://www.theblock.co/post/183497/layoffs-sweep-crypto-as-economic-concerns-mount-dapper-labs-bitmex-among-hardest-hit"><span data-contrast="none">mounted</span></a><span data-contrast="auto"> across crypto firms, including Dapper Labs and BitMex.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p>Coinbase kicked off layoffs in June at the beginning of the crypto downturn when it also cut around 1,100 employees, at the time about 18% of its workforce. </p> <p>CEO Brain Armstrong said the decision was made to ensure the firm stays healthy during the economic downturn. The company grew too quickly and had “overhired.” Coinbase continues to lay off staff where necessary, cutting 60 employees in November.<span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>