Today we announced that Arjun is joining Kraken as Co-CEO. We’re also rolling out changes that fundamentally change how we innovate, build, and deploy products for customers.
Kraken was built from day one with a mission to accelerate global crypto adoption so everyone can achieve true financial freedom and inclusion. To continue charting our course and put Kraken in the running to become the world’s largest crypto platform, we need to be leaner and faster.
As our net revenue surpassed $1 billion as a globally remote organization, we fell into the trap of creating organizational layers. We put managers in charge of the successes or failures of the groups they controlled, and we predicted success based on siled P&Ls. At its best, this structure can provide clear pathways for managers to move from smaller, less complex areas of focus to increasingly larger and more complex areas. Thus, “managers” are encouraged to do the wrong things.
We are making organizational discipline decisions to address this issue and remove the layers. We need to make sure our key contributors focus on building rather than managing. That means we give more power to our leaders to create best-in-class products, leverage data to make the best decisions for our customers, and make engineering, product, and design teams feel all together. more responsible for the results.
Making organizational changes is never easy and we understand their profound impact on people’s lives. We deeply appreciate those who have helped us get to this point and for their many contributions, and we will support them during this transition.
We’re using all our capital to continue building a bridge between the old world and the new – meeting people where they are – by simplifying, increasing accessibility, and expanding crypto use cases for people around the world. What matters most is the utility we provide to our customers.
The next chapter of Kraken begins today. LFG.
