Crypto exchange Kraken has laid off 150 employees, citing increased efficiencies from artificial intelligence. The move, part of a broader cost-cutting measure, is expected to delay its planned initial public offering until 2027.
The company says AI is being deployed more extensively but no further job cuts are planned at this time.
Kraken's layoffs are part of a larger trend in the crypto sector, where over 5,000 jobs have been cut this year as firms turn to automation. Block Inc., led by Jack Dorsey, cut 4,000 positions in February. Coinbase eliminated 700 jobs earlier this month. Gemini and Crypto.com also reduced their workforces.
A decline in crypto prices since late last year has further pressured balance sheets, with many public crypto companies reporting losses in the first quarter.
Kraken confidentially filed for an IPO in November but paused the process in March due to falling markets. The company now eyes a US listing in 2027.
