Cryptocurrency exchange Kraken has reportedly laid off some of its employees as a cost-cutting measure, which could delay its planned US initial public offering until next year.

The company, brand name Payward, laid off about 150 workers due to efficiencies in deploying artificial intelligence throughout the business, Bloomberg reported on Friday, citing a person familiar with the matter.

AI is being used more widely across Kraken City, but the company is not planning further job cuts at this time, the person said.

Cryptocurrency-related companies have cut more than 5,000 jobs so far this year, with many citing increased efficiency from artificial intelligence as a reason for the layoffs. Block Inc. The largest round of layoffs by a cryptocurrency company to date is in 2026, cutting 4,000 employees or about half of its workforce in February in an AI-driven cut.

The decline in cryptocurrency prices since late last year has also taken a toll on the balance sheets of public cryptocurrency companies, with many of them reporting losses in first-quarter profits.

Kraken’s cuts have reportedly delayed its plan to go public sometime this year, with the company now eyeing a US debut in 2027.

Cointelegraph reached out to Kraken but did not receive an immediate response.

Kraken’s plans to go public have been on-and-off for months. In November, the company secretly filed with US regulators to go public before halting the IPO in March due to a decline in the cryptocurrency market.

Kraken co-CEO Arjun Sethi confirmed Kraken’s secret IPO filing last month when he was asked on stage at a conference if there were plans to take the company public soon, but he did not share a timeline.

source: Semaphore

Related to: How Artificial Intelligence Became Cryptocurrency’s Favorite Reason to Cut Headcount

Kraken’s layoffs come in the same week that cryptocurrency data company Dune said it laid off 25% of its workforce, citing the need to restructure its business and focus on its core products.

Coinbase laid off 700 employees, or about 14% of its workforce, earlier this month, on May 5, citing an increase in the use of artificial intelligence.

Rival cryptocurrency exchanges, Gemini and Crypto.com, also laid off 200 and about 180 employees, respectively, earlier this year, due to the increasing use of artificial intelligence.

magazine: A guide to the top and emerging global crypto hubs: mid-2026