Crypto exchange Kraken cuts 1,100 jobs, or 30%

Cryptocurrency exchange Kraken has announced layoffs of 1,100 people worldwide, accounting for 30% of its workforce. Kraken said macroeconomic and geopolitical factors weighing on financial markets also resulted in significantly lower trading volumes. While hiring has been delayed and marketing costs cut, the negative impact continues. Kraken will provide 16 weeks of basic salary to laid-off employees, as well as extended exercise time, immigration support and employment support.