Kraken Lays Off 150 Employees as AI Reshapes Crypto Industry Jobs and IPO Plans

Crypto exchange Kraken has reportedly laid off around 150 employees as part of a cost-cutting move linked to the growing use of artificial intelligence across its operations. The company, officially known as Payward, is using AI tools more widely to improve efficiency, according to a report citing a person familiar with the matter. No further job cuts are planned for now.

The layoffs add to a wider wave of reductions across the crypto industry, which has seen more than 5,000 jobs cut so far in 2026. Many firms say AI-driven automation is reducing the need for certain roles, while weaker crypto market conditions have also pressured company revenues.

IPO Timeline Pushed Back Amid Market Pressure

Kraken’s workforce reduction may delay its long-planned initial public offering in the United States. The exchange had previously aimed for a public listing in 2026 but is now reportedly considering 2027 for its market debut.

The company’s IPO plans have shifted multiple times, including a confidential filing with US regulators, followed by a pause in March due to weaker crypto market conditions. Co-CEO Arjun Sethi has confirmed the filing but has not shared a clear timeline for going public.

Wider Crypto Industry Layoffs Continue in 2026

Kraken’s decision follows similar moves across the sector. Dune recently cut 25% of its workforce, while Coinbase reduced 700 jobs, citing increased AI adoption. Earlier this year, Gemini and Crypto.com also cut staff as firms adjust to automation and changing market conditions.