Crypto Exchange Gemini Implements Second Round of Layoffs: Report
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Gemini Quietly Lays Off About 70 Of Its Workers
A source close to the crypto platform told Techcrunch that Gemini has laid off another 7% of its more than 1000 employees - almost 70 of its staff. The same source said that the company was laying off due to what it described as "extreme cost-cutting."
The Winklevoss brothers founded crypto exchange reportedly cut 10% of its employees amid the bear market in June.
Last week, a document about internal operations was shared on the anonymous professional network Blind, which was taken down shortly after. That document highlighted the company's plans to cut the staff count by laying off staff from the current total of 950 employees.
There is a probability that the document was shared by one of their employees, which made the co-founder of Gemini quite unhappy.
"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). Wow, super lame if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here." Cameron Winklevoss, the co-founder of Gemini, wrote in a Slack message at the time.
Besides Gemini, a wave of other major crypto companies have also laid off their employees in recent months. For instance, last week, NFT marketplace OpenSea reduced its staff by 20%. Several other firms, including Crypto.com, Coinbase, Bybit, and BlokFi, have also cut off their staff amid crypto market volatility.
