Kraken parent Payward cuts jobs ahead of IPO plans

Payward, Kraken’s parent, is cutting 150 jobs (5% of staff) as it restructures ahead of a planned IPO. The company paused its listing due to market conditions but continues acquisitions and expansion.

Payward, the parent company of crypto exchange Kraken, is cutting around 150 jobs, or about 5% of its 3,000 employees, as part of a restructuring and optimization initiative ahead of a planned initial public offering (IPO). The company confidentially filed a draft S-1 registration with the U.S. Securities and Exchange Commission in November, but paused its IPO plans in March due to unfavorable market conditions. Despite this, Payward remains committed to going public when conditions improve. Payward is seeking to raise capital at a $20 billion valuation and continues to pursue acquisitions and expansion, including recent purchases in stablecoin payments, derivatives, and futures. The company is still hiring in high-growth areas and regularly reviews its structure to support growth and customer service. The latest job cuts follow previous reductions and reflect ongoing efforts to streamline operations and present a leaner profile to investors.