Kraken layoffs are not fake news after all. Indicative of bear market volume lag, sure, but also, the fee competition is tight. Post-layoffs Kraken will need to cut fees, dropping revenue short-term while running a small deficit, until higher volume returns them to profitablity.
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Thank you @CamiRusso for the accurate reporting. Never fun saying goodbye to team members but business needs change, and we try to give the departed a soft landing. To reiterate: there was no security breach. Impetus simply market conditions. twitter.com/business/statu…
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