Kraken Cuts 150 Jobs Amid AI Adoption and Delayed US IPO

Kraken, a leading cryptocurrency exchange, has made significant job cuts as part of its efforts to streamline operations using artificial intelligence. According to reports, around 150 employees have been laid off, marking one of the most substantial workforce reductions in the industry.

This move is believed to be linked to Kraken's plans to harness AI and automate various processes across its business lines. While the company has assured that no further job cuts are planned in the near term, the development has sparked concerns about a potential delay in its US initial public offering (IPO).

Kraken had confidentially filed for an IPO in November but paused the process in March due to market volatility. Although the company's co-CEO Arjun Sethi had hinted at reviving the plan, no timeline has been set yet.