Gemini sheds 10% of staff in 3rd layoffs in 8 months Gemini sheds 10% of staff in 3rd layoffs in 8 months
Gemini co-founder Cameron Winklevoss blamed the latest layoff decision on "persistent negative macroeconomic conditions" and "unprecedented fraud."
1 min read
Updated: Jan. 23, 2023 at 8:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Gemini is set to cut 10% of its staff, The Information reported Jan. 23, citing internal slack messages.
Gemini co-founder Cameron Winklevoss blamed the latest layoff decision on “persistent negative macroeconomic conditions” and “unprecedented fraud” within the crypto industry. Winklevoss said the exchange was left “with no other choice but to revise our outlook and further reduce headcount.”
Meanwhile, Gemini has been involved in two previous layoffs — the exchange cut 10% of its staff in June 2022 and another 15% in July 2022, citing market conditions.
Gemini was forced to end its Earn product after a public spat with bankrupt crypto lender Genesis and its parent company Digital Currency Group (DCG). The crypto exchange claims the lender owes its Earn user $900 million; however, Genesis court filing pegged the debt at $765.9 million.
Mentioned in this article
Posted In: Exchanges
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
In this article
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.
