Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has seen a significant decline in trading activity and has given up 10% of its staff.
This is the first time the exchange has fired staff since it was founded in 2014 and stated that the founders were seriously affected by the market turmoil.
Gemini is consolidating its business with significant headcount reductions
This move was announced in a memo sent to employees on June 2nd. Winklebos twins said falling crypto prices, stagnant development and geopolitical turmoil affected everyone in the industry. Gemini is also included.
“This is where we are currently in a state of contraction that is settling in a stagnation period. This is what the industry calls the” Cryptocurrency Winter “. All this is exacerbated by the current macroeconomic and geopolitical turmoil. We are not alone. “
According to the memo seen by Bloomberg News, Gemini plans to rebuild its business to survive the impending winter of cryptocurrencies. Winklebos twins said the company would focus only on products that are essential to its mission, but Bloomberg provided no further details on what those products were.
The layoffs were handled by the team leader, who was asked to evaluate the number of teams based on “a turbulent market that could last for some time,” the memo said.
Gemini hasn’t disclosed the number of employees, but Bloomberg estimates that the exchange employs about 1,000 people based on LinkedIn’s list. This means that about 100 people could be fired in the coming weeks.
The Gemini website lists about 70 open roles, from software engineers and product managers to legal and design positions. It’s unclear whether the company will close the job openings or continue to hire them.
Employees affected by the layoff will receive an invitation to a separate package and an online conference on medical benefits provided by Gemini. The company’s physical office in New York was closed on June 2nd and reopened on June 3rd to hold a company-wide “stand-up” to discuss the future.
“Today is a tough day, but in the long run it’s a day to make Gemini better.”
The memo I read.
