Kraken parent Payward cuts staff, seeks funding

Payward, the parent company of cryptocurrency exchange Kraken, has announced a significant workforce reduction, laying off 150 employees. This move is part of a broader strategy to streamline operations as the company gears up for a potential Initial Public Offering (IPO). In addition to the layoffs, Payward is actively pursuing new funding rounds, aiming for a valuation of $20 billion. The company is also reportedly exploring acquisition opportunities to bolster its market position ahead of its planned public debut.