Gemini lays off 10% of workforce as ‘crypto revolution’ enters ‘downsizing phase’

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Cryptocurrency platform Gemini has cut roughly 10% of its workforce, according to co-founders and twin brothers Cameron and Tyler Winklevoss. In a post announcing the newsThe duo attributed the layoffs to “turbulent market conditions that are likely to continue for some time.”

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All employees will be provided with a severance package and medical benefits. The co-founders wrote that the company has closed its physical offices “to allow these conversations to take place remotely to protect the privacy of each individual affected. Our highest priority will be to treat all those affected with compassion and respect.”

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The downside comes from the fact that the cryptocurrency market as a whole feels in motion. Other major crypto companies are also slowing down hiring due to falling prices: Coinbase, a close rival of Gemini, announced plans last month to change its previous headcount growth forecasts, and Latin American crypto exchange Bitso laid off 80 employees last week.

Exchanges may be hit the hardest by the recent slowdown in crypto trading volumes by retail investors, but not all crypto companies are as worried. Fidelity Digital Asset Division said earlier this week that it will double its headcount this year to meet growing demand for cryptocurrency from institutional investors. Meanwhile, FTX, the second largest crypto exchange, appears to be playing offensively as expands to share trading diversify your business in terms of risk in the crypto market and eyes on acquisition Indian gaming startup. FTX was last valued at $32 billion in January.

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Despite reacting to market changes, the Gemini co-founders also noted the expected volatility in what they called the “crypto revolution.”

“His path can best be described as punctuated equilibrium—periods of equilibrium or stagnation that are punctuated by dramatic moments of hypergrowth followed by sharp contractions that come to a new equilibrium that is higher than the previous one,” the co-founders wrote. in a post. They go on to say that the cryptocurrency has entered a contraction phase, also known as a contraction phase, which is further “exacerbated by the current macroeconomic and geopolitical turmoil.”

The company has indeed capitalized on the venture capital boom, raising $400 million last year in a $7.1 billion capital growth round. In January, the startup acquired Blockrize for an undisclosed amount and teased plans to launch a credit card with bitcoin rewards. It’s unclear if the layoffs will affect the Blockrize team, and if so, how they will affect the Gemini product roadmap.


Credit: techcrunch.com /

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