Kraken parent company Payward lays off 150 employees and advances pre-IPO integration

Odaily, Payward, the parent company of Kraken, announced a layoff of approximately 150 employees to streamline its organizational structure and prepare for its upcoming initial public offering (IPO).

According to reports, the company is also seeking a new round of financing with a target valuation of around $20 billion and plans to expand its business footprint through mergers and acquisitions to pave the way for its listing process. Analysts believe that this round of layoffs and capital maneuvers reflect Kraken's accelerating transition towards the governance structure of a traditional listed company, aimed at enhancing profitability and market competitiveness. (CoinDesk)