In the summer of 2022, the Gemini cryptocurrency exchange reduced its staff by about 7%. The company fired employees in waves. The next stage of the reduction in the number of personnel of the exchange was reported this week by the CNBC television channel.
Gemini management plans to lay off about 10% of managers in the near future. As of the end of November 2022, the company’s staff consisted of approximately 1,000 employees, that is, about 100 people will soon leave it.
In addition to Gemini, many other crypto exchanges are forced to cut staff.
The fall of the market and the weakening of the activity of traders led to a sharp reduction in the income of trading platforms.
Gemini co-founder Cameron Winklevoss emphasized:
We expected to stop layoffs last summer, but negative macroeconomic conditions and unprecedented fraud have left us no choice but to further reduce the number of staff.