ChainCatcher news reports that a representative has confirmed that Kraken, the world's sixth-largest cryptocurrency exchange, has undergone a round of layoffs. As the news broke, board member Arjun Sethi was appointed as co-CEO to accelerate the company's growth alongside current CEO David Ripley.In a blog post announcing Sethi's appointment on Wednesday, the co-CEO wrote: "We are also launching transformations that fundamentally change how we innovate, build, and launch products for our customers. As we achieve net revenue of over $1 billion as a global remote organization, we have fallen into the trap of building organizational hierarchies."The article states that the company has become top-heavy, with corporate structures and decision-making leaning towards management, thus "we are making organizational discipline decisions to address this issue and eliminate hierarchies; we need to be leaner and faster."New York Times tech reporter Mike Isaac earlier posted on X that two internal sources disclosed that Kraken is laying off 15%. A representative from Kraken declined to comment on this figure.

ChainCatcher news, according to two informed sources, Arjun Sethi, co-founder of venture capital firm Tribe Capital, is expected to be appointed as the co-CEO of cryptocurrency exchange Kraken, working alongside current CEO Dave Ripley.Sethi first invested in Kraken in 2019 and joined its board in 2021. According to one informed source, even after taking on the new role at Kraken, Sethi will retain his position as Chairman and Chief Investment Officer of Tribe Capital.Yesterday, Kraken announced plans to launch an L2 blockchain called Ink early next year.Previous news, on December 11, 2023, Arjun Sethi, CEO of venture capital firm Tribe Capital, has stepped down, with Boris Revsin as his successor. Arjun Sethi will serve as Chairman and Chief Investment Officer of Tribe Capital.