Gemini Fires 10% of Its Employees Amid Crypto Decline

Gemini Fires 10% of Its Employees Amid Crypto Decline

“Today is a tough day, but one that will make Gemini better over the long run,” Gemini implied.

A cryptocurrency exchange founded by Cameron and Tyler Winklevoss, dubbed Gemini, has recently fired 10% of its employees as trading in the crypto market is in a constant decline. According to the official announcement issued on June 2, the Winklevoss Twins decided to make such a choice amid the ongoing bear crypto market.

Gemini stated that it will focus only on those products which are essential to the final goal of the company. On top of that, the company believes that volatility in the crypto market will remain for some time. The announcement follows:

“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter. This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”

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Gemini, founded in 2014, is a regulated cryptocurrency exchange, wallet, and custodian that makes purchasing Bitcoin (BTC), Ether (ETH), and other digital currencies simple and secure. At the end of 2021, Gemini announced a $400M fundraising round, valuing the firm at $7.1B.

The crypto exchange is not the only one to lay off a significant number of employees. For example, in April, Robinhood cut around 9% of its workload during the time when Robinhood's HOOD stock hit all-time lows.

On a happier note, Binance, the world’s leading crypto exchange in terms of the daily trading volume of cryptocurrencies, stated that it would hire about 1000 new employees.

Moreover, a number of venture investors continue to invest a significant amount of money in various cryptocurrency startups. For instance, earlier in May, Andreessen Horowitz (a16z) announced that it would launch its fourth crypto-related fund valued at $4.5 billion with a focus on Web3 startups at every stage.

On top of that, Fasanara Capital has also initiated a significant $350M investment fund in order to discover the next generation of investors in digital assets and crypto across Europe.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree