Crypto trade Kraken has reportedly laid off a few of its employees as a cost-cutting measure, which might delay its deliberate preliminary public providing within the US till subsequent yr.
The corporate, whose company identify is Payward, laid off about 150 employees as a result of efficiencies from deploying synthetic intelligence throughout the enterprise, Bloomberg reported on Friday, citing an individual accustomed to the matter.
The particular person mentioned AI is getting used extra extensively all through Kraken, however the firm will not be planning additional job cuts in the mean time.
Crypto-related corporations have minimize greater than 5,000 jobs to date this yr, with many citing elevated efficiencies from AI as a cause for the layoffs. Block Inc. undertook the largest spherical of layoffs by a crypto firm to date in 2026, slicing 4,000 employees or about half its workforce in February in an AI-driven cutback.
A decline in crypto costs since late final yr has additionally stung public crypto corporations’ stability sheets, with many reporting losses of their first-quarter earnings.
Kraken’s cuts have reportedly pushed again its plan to go public someday this yr, with the corporate now eyeing a debut within the US in 2027.
Cointelegraph reached out to Kraken however didn’t obtain an instantaneous response.
Kraken’s plans to go public have been on and off for months. In November, the corporate confidentially filed with US regulators to go public earlier than pausing its IPO in March as a result of a declining crypto market.
Kraken co-CEO Arjun Sethi reiterated Kraken’s confidential IPO submitting final month when he was requested onstage at a convention whether or not there have been plans to take the corporate public quickly, however he didn’t share a timeline.
Supply: Semafor
Associated: How AI grew to become crypto’s favourite cause to chop employees
The layoffs at Kraken are available in the identical week that crypto information firm Dune mentioned it laid off 25% of its workforce, citing a have to restructure its enterprise and give attention to its core merchandise.
Coinbase minimize 700 staff, or about 14% of its workforce, earlier this month, on Could 5, citing a rise in AI use.
Rival crypto exchanges Gemini and Crypto.com additionally laid off 200 and about 180 staff, respectively, earlier this yr, each citing the rising use of AI.
Journal: Information to the highest and rising international crypto hubs: Mid-2026