Feb 2 (Reuters) – Cryptocurrency trade Kraken has shut its Abu Dhabi workplace lower than a yr after securing a license within the area, a spokesperson stated on Thursday, as the corporate seeks to sharpen its focus after FTX’s chapter shook the digital property sector.
The U.S.-based firm had stated final yr it could scale back its workforce by 30%, or about 1,100 workers, as rising charges and worries of an financial downturn soured the sentiment on crypto.
FTX’s fall has additionally set the dominoes falling throughout the trade, with a number of main corporations having filed for chapter safety in latest months.
Kraken’s transfer was first reported by Bloomberg Information.
In December, Kraken additionally stated it could stop operations in Japan, citing market situations within the nation and a weak crypto market globally.
Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru; Modifying by Shailesh Kuber
Our Requirements: The Thomson Reuters Trust Principles.
