Gemini Laid Off 10% Of Staff Members In Preparations For Crypto Winter

Gemini laid off 10% of its workforce in preparations for the crypto winter as we can see more about it in our latest cryptocurrency news.

The Winklevoss twins, as the founders of the exchange noted:

“The crypto revolution is well underway and its impact will continue to be profound. But its trajectory has been anything but gradual or predictable.”

The lagging crypto markets landed a huge to the industry’s workforce. For example, Gemini laid off 10% of the staff members to help the company go through the crypto winter, as the billionaire twins and founders of the exchange announced. The brothers reaffirmed that they think the crypto revolution is underway but the current trajectory forced them to reevaluate the size of the workforce:

“We have asked team leaders to ensure that they are focused only on products that are critical to our mission and assess whether their teams are right-sized for the current, turbulent market conditions that are likely to persist for some time. After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”

 

All of the company’s physical offices were closed and laid off employees but will have one-on-one meetings with their managers to discuss severance packages. The latest contraction caused the global market cap to drop from its high of $2.9 trillion to $1.2 billion which has been compounded by the ongoing macroeconomic and geopolitical turmoil. The inflation reached 8.5% which is the highest since it has been in the 1980s and Russia’s attack on Ukraine was a major contributing factor to the COVID-19 pandemic.

Gemini was the 9^th biggest spot crypto exchange according to CoinMarketCap and saw $125 million in volume in the past day. Today’s news came as the crypto exchange Coinbase emerged from a 2-week hiring freeze that started in May. Emilie Choi as the company’s COO wrote:

“Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals.”

The third biggest crypto exchange made $2.4 billion in volume in the past day and saw its share price drop by 71% since the ICO last April. A few days ago it was trading at $68.63 per share.