Kraken, the world's sixth largest cryptocurrency exchange, has gone through a round of layoffs. The news comes as board member Arjun Sethi has been named co-CEO to accelerate the company's growth alongside current CEO David Ripley.
In a blog post announcing Sethi's appointment on Wednesday, the co-CEO wrote, “We're also rolling out changes that fundamentally transform the way we innovate, build and launch products for our customers, and as we achieve over $1 billion in net revenues as a globally remote organization, we're caught in the trap of building organizational hierarchies.”