Gemini to cut staff by 10% amid crypto-market downturn

The Winklevoss-owned Bitcoin exchange Gemini will cut its workforce by 10%. The reasons cited are the crypto winter and adverse macroeconomic conditions, Bloomberg reports.

The wording appears in an internal memo to staff. This will be the first mass layoff since the platform was founded in 2014.

“We are in a compression phase, transitioning into a period of stagnation. […] We are not alone,” the document says.

Gemini will focus on “products that are essential to its mission.” Team leaders were asked to assess staffing levels in light of “turbulent market conditions that are likely to persist for some time.”

The agency estimated that Gemini could employ around 1,000 people, based on LinkedIn profiles.

In November 2021, media reported a $400 million funding round, which valued Gemini at $7.1 billion.

Earlier, the online broker Robinhood cut its staff by 9% amid a 75% slide in its shares after IPO.

Earlier, media reported cost-cutting measures at Coinbase after a weak start to the year.

In May, JPMorgan analysts said that the crypto winter would be short-lived thanks to venture-capital inflows into the industry.

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