Bitcoin exchange Less than two months after reducing its workforce by 10%, Gemini apparently let go of 7% of its workers. When Gemini cut 10% of its workforce in June, the company cited challenging market conditions as the reason.
According to reports from TechCrunch, the exchange has started its second wave of layoffs, which may be followed by additional reductions. Even though the exchange hasn’t yet made the move official, close sources who were informed of the development on the exchange’s official Slack channel estimate that there are now 68 employees.
Gemini’s choice is a part of its drastic cost-cutting strategy.
Gemini apparently made the choice despite the fact that the cryptocurrency market has significantly rebounded and that the entire market is currently trading in the green. This is a result of Gemini’s severe cost-cutting agenda, according to the unnamed source.
According to the claims, an internal operating plan document was distributed, outlining the firm’s ambitions to reduce its overall workforce from 950 to 800.
- “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),” stated co-founder of Gemini, Cameron Winklevoss.
The response came after one of the employees revealed details regarding the internal planning. Additionally, according to Cameron, the worker who opted to leak the information showed a poor degree of conscience and disdain for their coworkers.
Several businesses have laid off hundreds of staff over the past month, blaming difficult market conditions. However, the violence appears to have stopped, and there is now a lot of greenery, so the market appears to have partly recovered. Whether this is a short-term gain or not is not yet obvious, but those who were able to buy the dip saw marginal gains.
