Crypto exchange Gemini has laid off 10% of its staff
According to a Bloomberg report, Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, will lay off 10% of its workers.
Gemini slashed 10% of its staff
Since its establishment in 2014, this is the first time Gemini has announced layoffs. The layoffs come amid an adverse crypto market and macroeconomic conditions in which job losses rise. Gemini did not say how many staff was laid off, although it is estimated that roughly 100 people lost their jobs.Gemini announced it would focus on what is "essential" to the firm's goal as part of its first considerable workforce decrease, the brothers stated, adding that they expect the present market circumstances would likely remain. Still, the Winklevoss brothers believe that it is now the time to prepare for the next cycle of growth in the crypto industry and double down on some of the company's services.
More companies are reducing their workforce
Cryptocurrency prices have fallen this year from their November highs. This drop in prices is also one of the reasons why trading platform Robinhood let off 9% of its workers, as platforms that provide crypto trading, like Robinhood and Gemini, saw their revenue drop due to fewer individuals trading.While some businesses have laid off employees, the majority have slowed their recruiting. Following the employment of 1,200 personnel in the first quarter, crypto exchange Coinbase announced that it would slow its recruiting pace in the face of a crypto market drop. Still, the amount of layoffs has not been comparable to the bear market of 2018.
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