Kraken Cuts 150 Workers After Deploying AI; IPO May Slip to 2027

Kraken, one of the world’s oldest cryptocurrency exchanges, has cut some staff to reduce costs and may not go public as soon as initially expected due to a sharp decline in digital-asset prices, according to a person familiar with the matter.

The company, which operates under the corporate name Payward Inc., eliminated about 150 workers after implementing AI technology that improved efficiency, according to the person, who was not authorized to speak publicly. Kraken is deploying AI more extensively throughout the company though further job cuts are not planned at the moment, the person said.

Kraken’s initial public offering ...