The Toxic Corporate Culture of the Kraken Crypto Exchange

Jesse Powell, CEO and Founder of Kraken, “one of the biggest cryptocurrency exchange platforms”, internally mocks neuter pronouns, female intelligence, or “start a discussion on ‘who has the right to use the word beginning with not[tournure pour éviter d’utiliser ‘nègre’]”, reports The New York Times.

The 41-year-old bitcoin pioneer has “triggered a culture war” in his team of 3,000 employees, says the American daily, after an investigation during which some accused the entrepreneur of making comments “hurtful”, and others “to foster a hostile work environment”. They would be “dozens to consider quitting” to escape a climate “harmful to their mental health”.

If conflicting corporate cultures “have multiplied during the pandemic, as remote working, inequality and diversity have become essential issues in the workplace”, Jesse Powell seems to have “pushed this philosophy to the extreme”.

While Coinbase, one of its main competitors, announced it was laying off 18% of its workforce, Kraken, valued at $11 billion, “is also grappling with the turmoil in the crypto market, with the price of bitcoin plunging to its lowest level since 2020,” rap

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