Kraken hinted that its managerial structure would be reformed, without explaining the details.
Cryptocurrency exchange Kraken has declared “a new day,” with the appointment of new co-CEO Arjun Sethi and a managerial shakeup. There is also an unconfirmed report of a layoff of 15% of the staff.
Sethi is the co-founder and chairman of Silicon Valley venture capital investor Tribe Capital and has been a member of the Kraken board since 2021. He will share the top position at Kraken with David Ripley.
In addition to disclosing Sethi’s appointment, Kraken announced coming fundamental changes on its blog on Oct. 30. “We need to be leaner and faster,” it said. Apparently Kraken’s organizational structure is in for an overhaul. According to the blog:
