Kraken parent Payward cuts 150 jobs while seeking fresh $20B pre-IPO funding

Payward, Kraken's parent company, cut 150 staff as it streamlines the business ahead of a planned IPO. The move lands alongside a fresh fundraising push at a $20B valuation and an acquisition spree that includes Reap for $600M, Bitnomial for $550M, and NinjaTrader for $1.5B. Kraken is trying to show public-market investors a leaner exchange with broader derivatives, payments, and market-infra rails, not just another spot trading venue.

TLDR by @Benthic

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