Crypto Exchange Gemini Lays off an Additional 7% Of Its Staff

Crypto Exchange Gemini Lays off an Additional 7% Of Its Staff
  • Gemini has laid off more employees in the second round of layoffs.
  • The crypto market has been through a tough few months.
  • Winklevoss is certain that Gemini will survive and thrive in the crypto sector.

After terminating nearly 10% of staff some time back owing to “turbulent market conditions'”, crypto exchange Gemini has laid off more employees in the second round of layoffs.

According to TechCrunch, the company laid off 7%, or 68 employees, in the second round on Monday. The move is part of the company’s “restructuring” process, which it began in October.

In an email to staff, co-founder and chief executive Tyler Winklevoss said that the decision was “difficult but necessary” and that the company was “entering a new phase”.

The crypto market has been through a tough few months and, while they have been able to weather the storm better than most, the current market conditions are not sustainable. In order to make sure Gemini is well-positioned for the future, the firm has made the difficult but necessary decision to reduce our workforce by 7%.

Winklevoss added that the company would be offering severance packages and outplacement services to those affected by the layoffs.

Gemini is not the only crypto company to have been hit by layoffs in recent months. San Francisco-based Coinbase laid off 30 employees last week, while Blockfolio, a popular crypto portfolio tracker, laid off 22% of its staff in October. The crypto industry has been facing challenging conditions since the beginning of the year, with prices of major coins such as Bitcoin and Ethereum tumbling from their all-time highs.

The market began to recover in April, but has been volatile since then, with some analysts predicting that a further downturn is on the cards. Despite the challenges, Winklevoss remains optimistic about the future of Gemini and the crypto industry as a whole.

“We are confident that we have the team, the technology, and the resources in place to emerge from this tough period stronger than ever,” he wrote.

Founded in 2014, Gemini is one of the leading crypto exchanges in the US. It has been backed by major investors such as the Winklevoss twins, Google Ventures, and billionaire hedge fund manager David Tepper.

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