Gemini Cuts 10% of Workforce in Crypto Market Downturn

Bulletpoints:
• Cryptocurrency exchange Gemini is laying off 10% of its workforce due to the ongoing bear market in the crypto market.
• This marks the third round of layoffs in the past eight months, with 1,000 employees as of November 2022.
• The layoffs come amid mounting pressure on Gemini due to a high-profile dispute involving crypto company Genesis.

Cryptocurrency exchange Gemini is laying off 10% of its workforce due to the ongoing bear market in the crypto market. According to The Information, New York-based crypto exchange Gemini is cutting 10% of its workforce after reports of around $2 trillion wiped out of the crypto market. This marks the third round of layoffs in the past eight months, with 1,000 employees as of November 2022.

The latest news of the layoffs comes from an internal message from Gemini co-founder and CEO Cameron Winklevoss, who reportedly said:”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.”

The layoffs also come amid mounting pressure on Gemini due to a high-profile dispute involving crypto company Genesis. Data by PitchBook shows that Genesis owes $3.5 billion to its top 50 creditors, including $900 million to Gemini Earn users. This has prompted a public spat between Winklevoss and Barry Silbert, CEO of Digital Currency Group, which owns Genesis. Earlier this month, Winklevoss wrote an open letter to the DCG board, asking for the removal of Silbert.

The news of the layoffs has caused some backlash in the crypto community, with people arguing that the industry should be doing more to support its employees during this difficult time. However, Gemini has not yet commented on the layoffs. It is yet to be seen how this will impact the company or the crypto market as a whole.