Winklevoss twin-owned cryptocurrency exchange Gemini is laying off more staff. According to reports, the company is axing 7% of its current workforce as it undertakes a major cost-cutting policy; this is the second wave of layoffs at Gemini, which laid off 10% of its staff less than two months ago.
Gemini lays off more staff
Gemini, a U.S.-based regulated cryptocurrency exchange founded by the Winklevoss twinsis reducing the size of its workforce, according to sources. The exchange did not make an internal announcement about the layoffs, but it laid off 7% of its current workforce, with an estimated 68 employees leaving the company.
However, the scope of the layoff plan could be even greater, with leaked documents pointing to the possibility that the company could lay off more workers to reach 800 employees, implying that another 150 employees could be laid off to reach this goal. At the time of the leak, the company had 950 employees. A source toldTechcrunchthat this set of measures would be the result of the “extreme cost-cutting” policy the company is applying.
layoffs throughout the crypto ecosystem
This is not the first time Gemini has laid off employees during this market downturn; less than two months ago, the companyannounced the first wave of layoffs, separating 10% of its employees from the company. At that time, Gemini reported that it would focus only on products critical to its mission and would continue to evaluate whether the size of its work team was appropriate for the market environment ahead.
Gemini is not the only company hit by the downturn in cryptocurrency prices; other companies like Meta, and even Apple, have announced changes in their hiring strategies amid the anticipated downturn beyond the crypto-related realm. announced that it will significantly reduce its hiring; Apple is another company that will slow down its hiring and spending growth next year.
Crypto companies have been greatly affected. Coinbase first announced a hiring slowdown in May and reported in June that it would lay off 18% of its workforce. Another exchange, Huobi, may begin laying off more than 30% of its employees; latam exchanges like Bitso and Buenbit are also laying off employees.
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