00:00Meanwhile, Kraken's parent company, PayWord, reported some mixed results.
00:03First quarter revenue climbed to 3%.
00:06Transaction volume, though, on the platform dropped 15% to $357 billion.
00:10That was due to the downturn in digital asset prices.
00:13Kraken also cut some staff to reduce costs.
00:15Bloomberg's Olga Karif has been following this story.
00:18She joins us for the latest.
00:19Olga, just how tied to the ups and downs of the cryptocurrency market
00:24is a company like Kraken or the parent company like PayWord?
00:28Is that everything?
00:30So all crypto exchanges basically suffer when retail traders leave
00:35because digital asset prices dip.
00:39And so everybody is sort of in the same boat.
00:43We saw Coinbase just cut 14% of their staff.
00:49We've seen Gemini cut about 30% of their staff.
00:53So everybody, all of the crypto exchanges depend on trading fees
00:59to a large extent, and those are down.
01:03Those are down.
01:04So trading fees being down is not good for the company.
01:07Also, AI is playing a role here in a lot of those job cuts, too,
01:10particularly at PayWord.
01:13Absolutely.
01:13So a lot of those companies cite efficiencies gained through using AI tools.
01:19So it's definitely a factor.
01:21But analysts also say that the market downturn doesn't help either.
01:25So that they are there.
01:26So we are doing that on the right hand.
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