Cryptocurrency exchange Kraken is taking the vast majority of its staff to an idyllic Caribbean island next January to energize the company ahead of a long-awaited IPO in the US next year, according to two people familiar with the plans.
A person familiar with the plans requested that the exact location of the team-building trip not be released for security reasons.
Kraken has also given all its employees a special one-time bonus, according to the sources.
The positive vibes will be a tonic as Kraken was reported earlier this year to have cut “hundreds” of employees.
Kraken declined to comment.
The stock appears to be on a roll as it just reported that its revenue more than doubled in Q3. The company’s adjusted earnings before taxes and other items reached $178.6 million, up 124% quarter-on-quarter, with volume up 23% to $561.9 billion.
The company’s S-1 filing with the US Securities and Exchange Commission (SEC) is expected to land by the end of this year, according to one of the people.
A Kraken representative declined to comment on the timing of the company’s IPO.
