Cryptocurrency exchange Kraken has laid off approximately 150 employees, citing increased efficiencies from deploying artificial intelligence across its business. The cost-cutting measure has reportedly delayed the company’s planned initial public offering in the United States until 2027. The layoffs are part of a broader trend of job cuts within the crypto industry this year, with firms frequently attributing the reductions to AI integration.
Cryptocurrency exchange Kraken has laid off about 150 workers as a cost-cutting measure. The company cited efficiencies from deploying artificial intelligence across its business, according to a report citing a person familiar with the matter.
The person said AI is being used more extensively throughout Kraken, but no further job cuts are currently planned. This move has reportedly pushed back the company’s plan to go public in the U.S. until 2027.
Crypto-related companies have cut more than 5,000 jobs so far in 2026, with many citing increased AI efficiencies. Block Inc. undertook the largest round, cutting 4,000 staff in February in an AI-driven restructuring.
A decline in crypto prices since late last year has also impacted public crypto companies’ balance sheets. Many reported losses in their first-quarter earnings.
Kraken co-CEO Arjun Sethi reiterated the company’s confidential IPO filing last month when asked about public plans. He did not, however, share a specific timeline for the offering.
The layoffs at Kraken occurred in the same week that crypto data firm Dune cut 25% of its workforce. Dune stated it needed to restructure and focus on core products.
Earlier in May, Coinbase laid off 700 employees, or about 14% of its workforce, citing an increase in AI use. Rival exchanges Gemini and Crypto.com also laid off 200 and about 180 staff respectively this year, both citing the rising use of AI.
