Gemini Lays Off Employees Again, the Crypto Exchange’s Fate is on the Edge?

The crypto exchange Gemini plans to cut employees. (Photo; Doc. BitcoinPrice)

JAKARTA – Digital asset exchange Gemini will reduce its staff by 10 percent in its third round of layoffs in eight months. According to a report by The Information, Gemini co-founders Cameron and Tyler Winklevoss cited "volatile market conditions" as the reason behind the decision to lay off employees.

Gemini is also facing pressure from a dispute with Genesis Global regarding the Earn program run by both companies. Gemini president, Cameron Winklevoss, said the company's hope is to avoid further layoffs after this summer.

However, persistent negative macroeconomic conditions and unprecedented fraud in the crypto industry have left Gemini with no other choice but to review the company's prospects and further reduce headcount.

By the end of 2022, the number of Gemini employees will be between 650 and 700 people. Gemini isn't the only company experiencing a headcount decline in today's market conditions.

"Our hope is to avoid further reductions after this summer, however, the persistent negative macroeconomic conditions and the unprecedented fraud committed by bad actors in our industry have left us with no other choice but to revise our prospects and reduce headcount further," said Gemini President Cameron Winklevoss.

Meanwhile, in a message to its employees, Gemini said:

"We've spent most of the past six months securing the future of Gemini by adjusting headcount and manager-to-employee ratios, reducing OpEx, and cultivating a culture that does more with less. Now it's time to look ahead and redouble focus us to build the future."

Gemini isn't alone in laying off employees as a precaution in current market conditions. Some other companies that are doing the same are Coinbase, Amazon, Salesforce, Microsoft, Crypto.com, and Goldman Sachs.

This is just a small part of the list of companies that have experienced a massive reduction in headcount. However, despite the layoffs, these companies are trying to stay up and carry on their business as usual.