U.S. crypto exchange Gemini to lay off 10% of employees to survive crypto winter

Gemini, a major US cryptocurrency exchange founded by brothers Cameron and Tyler Winklevoss, is cutting staff again. Marketplace plans to fire another 10% of employees.

“We had hoped to avoid further layoffs after the summer, however, continued negative macroeconomic conditions and unprecedented fraud perpetrated by bad actors in the industry have left us with no choice but to revise our forecast and further reduce headcount,” Cameron Winklevoss commented on the situation.

In November 2022, the Gemini staff consisted of 1,000 people, which means that approximately 100 people will lose their jobs. In July 2022, 7% of employees were laid off, and in June – 10%.

Gemini has joined the list of crypto companies that have decided to cut costs. In early December, the popular cryptocurrency exchange Bybit also announced a 30% reduction in staff. The protracted bear market was to blame for everything.

Major U.S. cryptocurrency exchange Kraken announced a 30% staff cut at the end of November. Back in the summer, after the collapse of Luna, the marketplace continued to hire staff, but news of the bankruptcy of FTX forced management to reconsider their strategy.

In early November, another US exchange, Coinbase, also cut 60 jobs. In early January, the exchange was covered with a second wave of layoffs – another 950 people were asked to leave.

In mid-January, the Crypto.com platform also followed the example of its colleagues and announced a reduction in staff. Layoffs affected 20% of the company’s employees.

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