KRAKEN PARENT CUTS STAFF AS EARNINGS PLUNGE

Payward's Q1 adjusted earnings fell sharply, prompting the company to reduce its workforce as part of a cost-cutting effort. The move reflects broader challenges in the cryptocurrency sector, where trading volumes and market activity have cooled following the volatility of 2022. The job cuts represent Payward's response to declining financial performance and uncertain market conditions. The company had previously signaled ambitions to go public, but those plans now appear to be on a longer timeline than initially expected. Kraken, one of the largest cryptocurrency exchanges by trading volume, has faced increased competition and regulatory scrutiny. The staff reductions join similar moves across the crypto industry, where major platforms including Coinbase and FTX have also cut positions amid market headwinds.