Kraken's brutal layoffs: why nobody’s safe & one key lesson 😳; This is how far FinTech funding has plunged 📉; Raise 20% more cash for your startup with this trick 🤑

FinTech is Eating the World, 1 December

Hey Everyone,

And happy Thursday! Today’s issue is massively valuable as we’re looking at Kraken's brutal layoffs - why nobody’s safe & one key lesson (+ a bonus on crypto exchange valuations), FinTech funding that has plunged quite a bit (but you can still win!), and how you can raise 20% more cash for your startup with this trick (it’s super simple yet heavily underrated! Bonus is another resource that with x2 your chances of getting funded). Let’s jump straight into the incredible stuff:

Kraken's brutal layoffs: why nobody’s safe & one key lesson 😳

The (sad) news 🗞 One of the pioneers in the cryptocurrency exchange industry Kraken just announced it is laying off 30% of its global staff, or around 1,100 people.

In a blog post, announcing the layoffs soon-to-be ex-CEO Jesse Powell cited macroeconomic and geopolitical factors that have weighed on financial markets since the beginning of this year.

More on this 👉 Let’s be honest, the news that Kraken is cutting staff is not a surprise, especially given a generally bleak macroeconomic climate and even worse vibes in crypto land. What’s surprising though is that back in June, Kraken announced that it had no plans to adjust its hiring goals and said the following at the time:

[We] do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission.

Well, that escalated quickly 🤷‍♂️

What does this tell us? 🤔 In short, it’s yet another illustration that nobody’s safe in this market (especially crypto exchanges). Here’s more on that, a silver lining + the takeaway (& 1 bonus read on crypto exchange valuations):