FILE PHOTO: Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, is reorganizing its workforce by reducing some positions and consolidating teams where redundancies exist, while continuing to hire in key areas, a company spokesperson said on Thursday.
"We continuously evaluate our workforce to ensure it aligns with our strategic priorities," the spokesperson said.
Last year, Kraken appointed Arjun Sethi as co-CEO and announced a 15% reduction in its workforce, impacting about 400 employees.
This follows the U.S. Securities and Exchange Commission's dismissal of a civil lawsuit in March, which had accused Kraken of operating illegally as an unregistered securities exchange.
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.
"Kraken's business is thriving. We're launching more new products than ever before, driving strong revenue growth, and rapidly expanding across our entire product portfolio—including through the agreement to acquire NinjaTrader, announced earlier this year," the spokesperson added.
In March, the cryptocurrency exchange said 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.
The San Francisco, California-based company began a phased national roll out of commission-free trading for over 11,000 U.S.-listed stocks and exchange-traded funds on Monday, marking its latest move to diversify its offerings.
Crypto firms such as Kraken are exploring expansion into traditional financial spaces, encouraged by U.S. President Donald Trump's promise of more industry-friendly regulation.
While Kraken did not provide specific figures for the layoffs, according to a Coindesk report earlier in the day, the number could be in "hundreds."
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
