Gemini Fires 10% Of Its Workforce To Survive Crypto “Winter”

Due to a dramatic decline in trading activity, Gemini Trust, a cryptocurrency exchange owned by Cameron and Tyler Winklevoss, is laying off 10% of its staff.’

This is the first time the exchange has let off employees since its establishment in 2014, and the first time its founders have expressed concern about market volatility.

Falling crypto prices, stagnant development, and geopolitical upheaval had hurt everyone in the business, including Gemini, according to the Winklevoss twins in a message addressed to employees on June 2.

“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter.’ This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”

Gemini aims to restructure its company to survive the impending crypto winter, according to a letter seen by Bloomberg News. The Winklevoss twins stated that the company would only focus on things that are vital to its purpose, but Bloomberg did not provide any other information.

The layoffs will be handled by team leaders, who have been instructed to examine their teams’ headcount in light of “turbulent market conditions that are likely to endure for some time,” according to the memo.

While Gemini does not reveal its employment count, Bloomberg believes that the exchange employs roughly 1,000 workers based on LinkedIn listings. This means that in the following weeks, approximately 100 individuals may be laid off.

Around 70 available vacancies are listed on Gemini’s website, ranging from software engineers to product managers to legal and design positions. It’s unclear whether the corporation will fill the unfilled positions or stop hiring altogether.

Employees who are affected by the layoffs will receive an invitation to an online meeting on the separation packages and health-care benefits that Gemini will provide. The company’s physical headquarters in New York will be closed on June 2 and reopen on June 3 for a company-wide “standup” to discuss the company’s future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

CoinCu News