Cryptocurrency Exchange Kraken Declares “a New Day,” With New Co-CEO Arjun Sethi and a Managerial Shakeup

There is also an unconfirmed report that 15% of the staff has been laid off.

Cryptocurrency exchange Kraken is shaking things up at the top with the appointment of a new co-CEO and a managerial overhaul. A report from the New York Times also suggests that 15% of the exchange's staff has been laid off.

Arjun Sethi, co-founder and chairman of Silicon Valley venture capital investor Tribe Capital, will now share the co-CEO role with David Ripley. Sethi has been a member of the Kraken board since 2021.

Kraken announced the upcoming fundamental changes on its blog on Oct. 30. “We need to be leaner and faster,” the exchange said, hinting at a leaner organizational structure.

“We are making organizational discipline decisions to tackle this problem and eliminate layers,” the post reads. The discussion then shifts toward difficult changes and a profound impact on people's lives.

According to an X post by New York Times reporter Mike Isaac, the exchange has also cut 15% of its workforce. Two unnamed inside sources confirmed the news to Isaac.

Kraken last implemented layoffs in November 2022, cutting 1,100 people, or 30% of its workforce, due to “market conditions.” The exchange provided those affected with severance pay and other benefits. Kraken began hiring again in mid-2024.

In its Oct. 30 blog, Kraken promised support to the people in transition.