Svmuu reports that Kraken's parent company, Payward, has announced layoffs 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 funding at 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. Analysts suggest that these layoffs and capital moves indicate that Kraken is accelerating its transition towards a traditional public company governance structure to enhance profitability and market competitiveness. (CoinDesk)