In preparation for its IPO in the United States, Kraken has laid off hundreds of employees across various business lines in the past few months as part of its ongoing efforts to streamline its organizational structure. Last October, Arjun Sethi became co CEO and has since laid off 400 employees, accounting for approximately 15%. According to insiders, layoffs have continued since then, aimed at increasing earnings before interest, tax, depreciation, and amortization (EBITA). （CoinDesk）