Crypto exchange Kraken announced today that it is reducing its global workforce by approximately 1,100 people, or 30%. The company says the job cuts are made in order to adapt to current market conditions.

All impacted employees have been notified as of this morning.

The company explains that, since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups. Kraken responded by slowing hiring efforts and avoiding large marketing commitments. Unfortunately, negative influences on the financial markets have continued and the company says it has exhausted preferable options for bringing costs in line with demand.

Kraken will offer:

• Separation pay: Kraken will pay 16 weeks of base pay for all departing Krakenites inclusive of the paid leave period.
• Performance bonus: For those eligible, Kraken will pay each departing Krakenite their bonus as determined by their manager.
• Benefits: Kraken will offer eligible “Krakenites ” four months of healthcare continuation coverage inclusive of the paid leave period. All Krakenites will continue to have access to counseling services during this period.
• Extension of exercise window: Kraken will extend departing Krakenites’ window to exercise their vested stock options.
• Immigration support: Kraken will provide dedicated visa and immigration support for those currently on company-sponsored visas.
• Outplacement support: Kraken will provide career support for departing Krakenites, including networking opportunities, job search best practices, interview guidance, and more.