Cryptocurrency exchange Kraken is laying off 30% of its workforce, or about 1,100 people.
Kraken, which is one of the world’s biggest crypto exchanges, said the layoffs are being undertaken to help it “adapt to current market conditions.”
In a blog post, Kraken said that slowing growth and macroeconomic factors have reduced customer demand, lowered trading volumes, and hurt sign-ups to its platform.
Crypto exchanges have been hurt by customer withdrawals after the implosion of FTX, another sizable crypto exchange that filed for bankruptcy on November 28.
Kraken added that it is offering 16 weeks of severance pay to impacted employees
