Kraken lays off hundreds ahead of IPO, Coindesk reports

Cryptocurrency exchange Kraken 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. The company has reduced jobs to lower costs and enhance EBITA, according to the report. Kraken did not immediately respond to a Reuters request for comment.