At this time, we introduced that Arjun is becoming a member of Kraken as co-CEO. We’re additionally rolling out adjustments essentially altering how we innovate, construct and roll out merchandise for shoppers.
Kraken was constructed from Day One with the mission of accelerating the worldwide adoption of crypto so that everybody can obtain true monetary freedom and inclusion. To proceed forging our path forward and put Kraken in rivalry to turn into the biggest crypto platform on the planet, we have to be leaner and quicker.
As we’ve grown north of $1 billion in web income as a distant group worldwide, we fell into the lure of constructing organizational layers. We put managers accountable for the successes or failures of the teams they managed, and we predicated success primarily based on siloed P&Ls. At its greatest, this construction can present clear paths for “managers” whereby they will transfer from smaller, much less complicated areas of focus to progressively bigger and extra complicated ones. So, “managers” are incentivized to do the incorrect factor.
We’re making organizational self-discipline selections to deal with this drawback and get rid of layers. We’d like to verify our prime contributors are targeted on constructing quite than managing. This implies we give extra energy to our leaders to construct best-in-class merchandise, leverage knowledge to make selections which can be greatest for our shoppers, and make engineering, product and design groups all really feel extra accountable for outcomes.
Making organizational adjustments isn’t straightforward, and we perceive their profound affect on individuals’s lives. We deeply respect those that helped us get right here and for his or her many contributions, and we’ll assist them throughout this transition.
We’re utilizing all of our capital to proceed constructing a bridge from the previous world to the brand new — assembly individuals the place they’re — simplifying, growing accessibility and increasing the use circumstances for crypto for individuals around the globe. What issues most is the utility we deliver to our shoppers.
The subsequent chapter of Kraken begins at this time. LFG.
