Kraken Parent Payward Makes Deep Cuts as IPO Pressure Mounts
Payward, the parent company of Kraken, is laying off 150 employees to streamline operations ahead of a potential future IPO.Summary
Payward, the parent company of cryptocurrency exchange Kraken, has announced a reduction of 150 jobs, representing approximately 5% of its global workforce. This decision follows a series of earlier layoffs that began in 2024 and is part of a broader strategy to optimize the company's financial profile and improve margins as it prepares for a potential public offering.
Although Payward filed a confidential S-1 registration statement with the SEC in 2025 seeking a $20 billion valuation, the firm paused its IPO timeline in early 2026 due to cooling investor interest. Despite the workforce reductions, the company continues to strategically hire in growth areas like derivatives and stablecoin payments, while actively pursuing acquisitions to strengthen its market position.
(Source：BeInCrypto)