Jesse Powell, the founder and CEO of popular cryptocurrency exchange Kraken, recently commented on the company’s latest corporate culture document, stressing the need for a “crypto-first culture”.
Internal debate on Kraken
According to Powell, Kraken has had some heated internal debate recently, and a small group of 20 of the company’s 3,200 employees were not “fully on board.”
The Kraken boss said that instead of focusing on the firm’s mission, these “triggered” employees were troubled by debates such as the use of pronouns and the N-word, differences in human sex, being respected and offended, and “harm”. The word “violent”.
great talent, bad fit
Powell went on to say that although these “unhappy” employees have great talent, they are a “poor fit” for Kraken. According to him, during the bull market when crypto was “hot”, the company added many new employees without emphasizing the “culture and mission fit”.
The CEO said everyone was able to get along because things were “pink,” but that quickly changed when the situation started to look “grim.”
3/ How did this happen? Lots of hiring, fast, culture + mission without enough emphasis on fit, and at a time when crypto was super hot. Tons of astonishingly talented people were looking for a seat on the next rocket ship, not realizing that crypto was more than a rollercoaster. pic.twitter.com/qI6YD6cC3l
— Jesse Powell (@jespow) 15 June 2022
Kraken employees now have the option to commit to the exchange’s mission whether or not they agree to the Culture document or leave the firm with a severance package.
Kraken Hiring Despite Bear Market
Meanwhile, Kraken said it’s on a recruitment spree with more than 500 roles throughout the year. The exchange noted that there would also be re-employment to fill vacancies of employees leaving the firm.
Kraken, like Binance, is breaking the norms of massive job cuts set up by other crypto firms due to the bear market.
As previously reported, Gemini, Coinbase and BlockFi plan to reduce their workforce by 10%, 18%, and 20%, respectively.
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