Crypto exchange Gemini slashes about 10% of its work force
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US-based crypto exchange operator Gemini slashed about 10% of its work force, founders Cameron and Tyler Winklevoss wrote in a blog post published today.
Gemini did not disclose the number of employees cut, but according to its LinkedIn page more than 1,000 people work at the company, which may translate to about 100 jobs. Gemini did not immediately respond to a request seeking comment on the number.
This is reportedly the first time Gemini has announced layoffs since its inception in 2014. The cuts come amid a currently bearish crypto market and macroeconomic conditions when job reductions are increasing. According to Layoffs.fyi, almost 15,000 people lost their jobs last month globally at start-up companies.
"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," the billionaire Winklevoss brothers wrote in the blog post.
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