(Reuters) -Kraken, one of the world’s largest cryptocurrency exchanges, has laid off hundreds of employees in the past several months across all areas of its business to streamline its operations ahead of its planned IPO, Coindesk reported on Thursday.
Hundreds of more people have been laid off since Kraken appointed Arjun Sethi as co-CEO last year and reported a cut of 15% in its workforce, the report added, citing two people familiar with the matter.
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The company has reduced jobs to lower costs and enhance EBITA, according to the report, but continues to hire in key areas for the business.
Kraken did not immediately respond to a Reuters request for comment.
The San Francisco, California-based company began a phased national rollout of commission-free trading for over 11,000 U.S.-listed stocks and exchange-traded funds on Monday, marking its latest move to expand across asset classes.
Crypto firms such as Kraken are looking to expand their businesses to traditional financial spaces on the back of U.S. President Donald Trump’s promise of a more industry-friendly regulation.
The cryptocurrency exchange also said in March that it would buy retail futures trading platform NinjaTrader for $1.5 billion, in a deal that would allow it to expand into multiple asset classes and grow its user base.
Kraken has been working to incorporate traditional finance after the U.S. Securities and Exchange Commission dismissed a civil lawsuit accusing Kraken of operating illegally as an unregistered securities exchange, last month.
In a statement on its blog, Kraken had called the dismissal a turning point for cryptocurrency that ended a “wasteful, politically motivated campaign” begun during the Biden administration, and which hindered both innovation and investment.
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
