Gemini Announces 10% Layoff Citing Negative Macroeconomic Conditions

  • In August 2022 Gemini had reduced its workforce by 7% and 10% in July.
  • the SEC claims that securities were offered and sold without being registered.

A representative for Gemini, a cryptocurrency exchange, confirmed on Monday that the company will be laying off 10% of its workforce. Gemini, which was co-founded by the Winklevoss twins, is subject to New York banking regulations. And has had to make at least three rounds of layoffs in less than a year.

As of November 2022, PitchBook estimates that Gemini employed a thousand workers. This would imply a loss of jobs for around one hundred persons. It was reported in August 2022 that Gemini has reduced its workforce by 7%. After a 10% reduction in July 2022.

Industry-Wide Layoffs

Since Sam Bankman-Fried’s exchange FTX filed for bankruptcy on November 11. Several cryptocurrency companies like Crypto.com, Coinbase, Kraken, and Genesis have slashed employment. In an attempt to save capital amid the cryptocurrency market collapse, Coinbase laid off another 20% of its workers in early January.

As per Cameron Winklevoss internal message:

“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount.”

In recent weeks, Gemini has fought to keep hold of its customers’ money. The exchange is in legal trouble with the SEC because of its collaboration with Barry Silbert’s insolvent business, Genesis, and the SEC claims that securities were offered and sold without being registered.

Gemini’s high-yield lending product, Gemini Earn, has gotten the company into a heated dispute with Silbert’s Genesis Trading, a cryptocurrency lending service that provided lucrative returns to Gemini customers.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.