Gemini Lays Off 10% of Staff Amid Crypto Market Challenges
Crypto exchange Gemini has announced another round of layoffs, this time letting go of 10% of its staff. This marks the third such reduction since June, as the company continues to grapple with persistent negative macroeconomic conditions and industry-wide issues.
Gemini's co-founder, Cameron Winklevoss, attributed the latest layoffs to the ongoing challenges in the crypto market and fraud perpetrated by bad actors in the industry. The exchange previously cut 10% of its staff in June and July 2022, reducing its headcount from around 1,100 to between 650 and 700 by the end of the year.
The Gemini Earn program, a collaboration with Genesis, was canceled after pausing withdrawals in November. This left over $900 million in investments locked up, affecting many of Gemini's customers. The program's closure was partly due to the collapse of FTX, which was caused by alleged fraud by its executives. Gemini and Genesis were both impacted by FTX's downfall.
The crypto industry has seen a significant number of job losses in recent months. According to a CoinDesk tally, nearly 27,000 crypto jobs have been lost since April 2022. Other firms, such as Coinbase, Crypto.com, and Genesis, have also conducted significant staff reductions in 2023.
The latest layoffs at Gemini highlight the ongoing challenges faced by the crypto industry. As the industry continues to evolve, it remains to be seen how these challenges will impact crypto exchanges and their customers in the long term.
Read also:
- Germany Launches HoLa Project for Megawatt Charging on A2 Motorway
- Transforming Digital Inventories in the Food Industry: A Comprehensive Guide for Food Businesses
- Canada's Transportation Revolution: Hyperloop & Electric Air Taxis by 2026
- ACC Expands European Battery Production with Three New Gigafactories
