Cryptocurrency exchange Kraken is taking the majority of its employees to a picturesque Caribbean island in January 2024 to motivate the team ahead of an eagerly awaited U.S. listing next year, according to two sources familiar with the plans.
The exact location of the team-building retreat has not been disclosed for security reasons, as per a source.
In addition, Kraken has awarded all its staff a special one-time bonus, according to those in the know.
This positive atmosphere comes at a time when Kraken reportedly laid off “hundreds” of employees earlier this year.
The exchange chose not to comment on this development.
Kraken appears to be thriving, having recently announced that its revenue surged over 100% in the third quarter. The company’s adjusted earnings before taxes and other expenses reached $178.6 million, marking a 124% increase from the previous quarter, with transaction volume rising by 23% to $561.9 billion.
The company’s S-1 filing with the U.S. Securities and Exchange Commission (SEC) is anticipated before the year concludes, according to one insider.
A Kraken representative declined to provide details about the timing of the IPO filing.
