Winklevoss-Led Crypto Exchange Gemini Lays Off More Employees Amid Bear Market

Gemini, the NY-based crypto exchange founded in 2014 by Cameron and Tyler Winklevoss, has recently reported that it would be cutting off a significant portion of its employees amid the current crypto bear market.

The news arrives a month after Gemini, which previously raised $400M in funds and arrived at a valuation of $7.1B, slashed 10% of its workforce. Now, as stated by several sources, the firm is believed to have laid off 7%, or 68 workers in total.

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According to the official announcement issued on July 18th, the Winklevoss-led crypto-driven startup is reducing its headcount due to its “extreme cost-cutting” strategy. On top of that, last week, a leaked internal operating plan document, that was immediately taken down, read that the firm is planning to reduce its headcount to 800 workers, a severe 15% drop from the current 950 employees. Cameron Winklevoss commented on the situation and stated:

"It’s come to my attention that at least one team member thinks it’s a good idea to post a snippet of our technology operating plan on a third party website (Blind)."

In fact, the crypto exchange joins the massively growing list of other crypto giants laying off a significant number of workers, including Robinhood, Huobi Global, Bybit, Banxa, Coinbase, and Crypto.com.

However, it seems like some companies are heading in a completely opposite direction by implementing a different approach. Earlier this year, the world’s biggest crypto exchange Binance announced that it would be welcoming additional 2000 employees, while its rival Kraken also stated that it would be accelerating its hiring to employ 500 workers.

The Bahama-based crypto trading platform FTX is also reportedly following in the same footsteps, despite the harsh crypto market conditions.

In other news, back in June, the United States Commodity Futures Trading Commission (CFTC) filed a lawsuit against Gemini, which is believed to have made false statements and violated the Commodity Exchange Act (CEA) back in 2017.