Gemini Laid Off Another 60 Workers Quietly, Sources Say

Gemini laid off another 60 workers quietly according to sources familiar with the matter as the platform is fighting the crypto winter with extreme cost-cutting methods so let’s have a closer look at today’s cryptocurrency news.

Back in 2022, an anonymous source linked to the Gemini exchange said the company laid off 70% of its workforce. The source also said that at first Gemini fired up to 68 workers in a low-key manner and then found out about it because the workers were no longer members of the Slack group. So far, the exchange hasn’t confirmed or denied this but they are evidently doing extreme cost-cutting practices to survive the crypto winter.

According to the documents, Gemini is on its way to 150 employees, or 15% of the 950 employees that it currently has. The documents leaked by employees caught the attention of one of the founders Cameron Winklevoss who wrote that this was super lame that one of the employees leaked this kind of information on the web:

“Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here.”

Although today the market returned to the trillion dollar market cap due to the jump in prices for both BTC and ETH, it is still too early to claim victory as reprots show that Finbold and Bloomberg indicate that BTC hasn’t hit bottom yet and that it will take a few months for the market to recover. A few crypto exchanges like Coinbase, FTX, Bitmex, and Crypto.com executed huge layoffs over the past few months to counter the adverse conditions of the bear market that can last longer than expected. Coinbase as one of the world’s crypto exchanges had to lay off more than 1000 workers which represents 18% of the company’s workforce due to the macroeconomic recession in the country. The company is boosting the expansion efforts in Europe as a part of the growth plan. So far, Binance and Kraken seem to be the only big companies that continue to hire staff.