Cryptocurrency exchange Kraken has announced the appointment of board member Arjun Sethi as co-CEO, with the aim of driving the company's continued growth alongside current CEO David Ripley. "As a global remote organisation with net revenues in excess of $1 billion, we have fallen into the trap of building organisational hierarchy and are making organisational disciplinary decisions to address this and eliminate hierarchy. We need to be leaner and faster," the company said in the announcement. New York Times technology correspondent Mike Issac earlier posted on X that two inside sources said Kraken was laying off 15% of its workforce. A Kraken representative declined to comment on the figure.