Payward, Inc., the parent company of cryptocurrency exchange Kraken, is firing about 150 employees [1] to streamline its business operations.
This workforce reduction comes as the company prepares for a planned U.S. stock-market listing. By reducing overhead and optimizing its internal structure, Payward aims to present a more efficient financial profile to potential public investors.
According to a source familiar with the matter, the cuts are part of an optimization effort designed to prepare the company for its initial public offering [3]. The move signals a shift toward corporate maturity as the exchange transitions from a private entity to a public one.
Beyond the layoffs, Payward is pursuing new capital. A company spokesperson said the crypto exchange is seeking fresh funding at a $20 billion valuation [3]. This capital injection is intended to support a strategy of increased acquisitions as the company expands its market footprint.
While the company did not specify which departments were most affected by the 150 cuts [1], the overall goal remains the improvement of operational efficiency [3]. The timing suggests that Payward is prioritizing a lean operational model to maximize its valuation before hitting the public market.
Kraken has long been one of the largest cryptocurrency exchanges globally. The drive for a U.S. IPO would place it among a small group of major crypto platforms to successfully navigate the regulatory and financial scrutiny of a public listing in the United States [2].
“Payward, Inc. (dba Kraken) is cutting about 150 jobs as part of an optimization effort ahead of a planned IPO.”
These layoffs and the pursuit of a $20 billion valuation indicate that Payward is aggressively grooming its balance sheet for the public market. By cutting staff and seeking high-valuation funding simultaneously, the company is attempting to prove it can scale efficiently while maintaining the growth trajectory required to attract institutional investors during an IPO.
