Cryptocurrency exchange Gemini has been going through a tough time recently. The exchange and its founders, the Winklevoss twins, were sued by the investors. The bankruptcy filing of Genesis also added to the ongoing struggles.
The year 2023 was indeed a better beginning for cryptocurrency prices, as most of the cryptocurrencies rose by double digits. However, in anticipation of an impending recession, most tech behemoths and cryptocurrency firms began laying off workers.
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Some of the major firms that laid off employees just in 2023 are Spotify, Google’s parent firm, Capital One, Microsoft, Amazon, Crypto.com, BlackRock, Coinbase, Goldman Sachs, Genesis Trading, and more.
Now, according to the latest details obtained by The Information, the cryptocurrency firm is planning to lay off 10% of its staff.
Gemini to fire 10% of its staff
Gemini laid off 10% of its employees in June and followed up with another 7% layoff in July during the harsh cryptocurrency market conditions of 2022. A third layoff has now occurred, with 10% of its employees reportedly laid off in the last eight months.
“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount,” said Cameron Winklevoss.
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The details were obtained through an internal message, which was viewed by The Information. The details regarding the layoff were also shared by Cameron Winklevoss on Slack on Monday.