Even the Wealthy Feel the Squeeze... 🥲 

🔸 Earlier this year, Kraken negotiated a grant with Optimism for 25 million $OP to build a network on the OP Stack. At the time, $OP was valued at around $4, setting the grant’s worth close to $100 million. Now, with $OP at $1.7, that grant’s value has dropped to $42 million.

Kraken has felt the strain, recently reducing its workforce by 15% and appointing a new co-CEO in response to the reduced funding.

🟠 https://www.coindesk.com/tech/2024/10/29/optimism-foundation-agreed-to-give-kraken-425m-of-op-tokens-in-layer-2-deal/

🟠

Even the Wealthy Feel the Squeeze... 🥲 

🔸 Earlier this year, Kraken negotiated a grant with Optimism for 25 million $OP to build a network on the OP Stack. At the time, $OP was valued at around $4, setting the grant’s worth close to $100 million. Now, with $OP at $1.7, that grant’s value has dropped to $42 million.

Kraken has felt the strain, recently reducing its workforce by 15% and appointing a new co-CEO in response to the reduced funding.

🟠 https://www.coindesk.com/tech/2024/10/29/optimism-foundation-agreed-to-give-kraken-425m-of-op-tokens-in-layer-2-deal/

🟠 https://www.theblock.co/post/323773/kraken-sheds-organizational-layers-as-board-member-arjun-sethi-steps-up-as-co-ceo