People familiar with the matter: Kraken has laid off hundreds of employees in various business areas to welcome the IPO

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On April 18, cryptocurrency trading platform Kraken is preparing for a listing in the U.S., and has laid off hundreds of employees in various business areas in the past few months to streamline the business, Coindesk reported, citing people familiar with the matter.

Hundreds of people have left since Arjun Sethi became co-CEO, noting that the company plans to continue layoffs in addition to 15% of its financial resources at the end of last year, a person familiar with the matter said. "They are vigorously laying off staff in all functions and it's an ongoing effort. It's to increase Kraken's EBITA," the person said.

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