Gemini is the cryptocurrency exchange controlled by the Winklevoss twins. It has been laid off even more employees. Reports claim that Gemini is cutting 7% off its workforce as it follows significant cost-cutting strategies. Gemini has now laid off 7% of its workforce, two months after it had dismissed 10%.
Gemini Lays Off More Staff
According to sources, Gemini is cutting its staff size. It’s a U.S.-based, registered cryptocurrency exchange that was founded in 2013 by the twins Winklevoss. Although it did not announce the layoffs internally, the exchange estimates that it has laid off around 7% of the current workforce. There were 68 people who left the company.
Leaked documents suggest that the company may fire additional employees to make it 800. That would mean 150 layoffs could occur to help reach that number. At the time of the leak, the company employed 950 people. A source told Techcrunch this set of measures would be the result of “extreme cost-cutting” policies applied by the company.
Spreading Layoffs in the Crypto Ecosystem
Gemini employees have been laid off before in the market slump. The company had announced its first wave in layoffs less than two months back, which saw 10% of its employees leave the company. Gemini stated at that point that the company would only focus on the products it considered essential to its mission and that the organization would assess the appropriate size for market conditions.
Gemini is not alone in being affected by the fall in cryptocurrency price. Meta and Apple have also announced changes to their hiring strategies in an economic downturn. Meta has recently stated that it plans to hire significantly fewer employees this year. Apple will also slow down spending and hiring growth over the coming year.
Significantly, crypto companies were affected. Coinbase announced that it would reduce its hiring speed in May and later reported that it was going to lay off 18% employees in June. Huobi is another platform that might be laying off more than 30% of its employees. Latam-based platforms like Bitso, Buenbit and others have laid off workers.
How do you feel about Gemini’s recent layoff plan and Gemini? Comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or allegedly cause any kind of damage.