Crypto Exchange Gemini Axes 7% of Staff in Second Wave of Redundancies – Exchanges Bitcoin News

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off several employees. According to reports, the company is laying off 7% of its current workforce as it engages in significant cost-cutting policies. This is the second wave of layoffs at Gemini, after the company laid off 10% of its employees less than two months ago.

Gemini lays off several employees

Gemini, a regulated US-based cryptocurrency exchange founded by the Winklevoss twins, is reducing the size of its workforce, according to sources. While the exchange did not make an internal announcement for this round of layoffs, it is estimated to have laid off 7% of its current workforce, with 68 employees leaving the company.

However, the scope of the layoff plan could be even greater, with leaked documents pointing out that the company may lay off more of its employees to reach a headcount of 800 employees, suggesting that 150 more employees may be laid off to reach this goal. The company had 950 employees at the time of the leak. A source told Techcrunch that this set of measures would be a result of “extreme cost-cutting” policies employed by the company.

Layoffs across the crypto ecosystem

This is not the first time Gemini has laid off employees during this market downturn. Less than two months ago, the company announced its first wave of layoffs, cutting 10% of its workforce. At the time, Gemini reported that it would focus only on mission-critical products and would continue to assess whether the size of its work teams was appropriate for the upcoming market conditions.

Gemini is not the only company that has been affected by the decline in cryptocurrency prices. Other companies like Meta, and even Apple, have announced changes to their hiring strategy in a projected economic downturn that extends beyond crypto-related spheres. Meta recently announced that it would hire significantly fewer workers this year. Apple is another company that will slow growth in hiring and spending over the next year.

Crypto companies have been significantly affected. Coinbase first announced that it would slow hiring in May, then reported that it would lay off 18% of its employees in June. Huobi, another exchange, may initiate layoffs that could exceed 30% of its workforce. Latam-based exchanges, such as Bitso and Buenbit, have also laid off staff.

What do you think of Gemini and its recent layoff plan? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, and entered the cryptosphere when the price increase occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, and offers a different view of crypto success and how it helps the unbanked and underprivileged.

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