Kraken appoints board member Arjun Sethi as co-CEO and cuts 15% of staff

BlockBeats news, October 31, according to The Block, cryptocurrency trading platform Kraken announced the appointment of board member Arjun Sethi as co-CEO, aiming to promote the company's continued growth with current CEO David Ripley.

The company said in the announcement: "As a global remote organization, our net income has exceeded $1 billion. We have fallen into the trap of establishing organizational hierarchies. We are making organizational discipline decisions to solve this problem and eliminate levels. We need to be more streamlined and faster."

New York Times technology reporter MikeIssac posted earlier on X that two internal sources said Kraken laid off 15%. A representative for Kraken declined to comment on the figure.