Today, we announced that Arjun is joining Kraken as co-CEO. We are also rolling out changes fundamentally changing how we innovate, build and roll out products for clients.
Kraken was built from Day One with the mission of accelerating the global adoption of crypto so that everyone can achieve true financial freedom and inclusion. To continue forging our path ahead and put Kraken in contention to become the largest crypto platform in the world, we need to be leaner and faster.
As we’ve grown north of $1 billion in net revenue as a remote organization worldwide, we fell into the trap of building organizational layers. We put managers in charge of the successes or failures of the groups they controlled, and we predicated success based on siloed P&Ls. At its best, this structure can provide clear paths for “managers” whereby they can move from smaller, less complex areas of focus to progressively larger and more complex ones. So, “managers” are incentivized to do the wrong thing.
We are making organizational discipline decisions to tackle this problem and eliminate layers. We need to make sure our top contributors are focused on building rather than managing. This means we give more power to our leaders to build best-in-class products, leverage data to make decisions that are best for our clients, and make engineering, product and design teams all feel more accountable for results.
Making organizational changes is never easy, and we understand their profound impact on people’s lives. We deeply appreciate those who helped us get here and for their many contributions, and we will support them during this transition.
We are using all of our capital to continue building a bridge from the old world to the new — meeting people where they are — simplifying, increasing accessibility and expanding the use cases for crypto for people around the world. What matters most is the utility we bring to our clients.
The next chapter of Kraken starts today. LFG.
