Because of the sharp decline in cryptocurrency trading activity, Cameron and Tyler Winklevoss’ Gemini Trust, a cryptocurrency exchange, is laying off 10% of its workforce.
Since the exchange was created in 2014, this is the first time it has laid off employees and the first time its owners have admitted to being affected by the market volatility.
Gemini is laying off a significant number of employees as part of a big restructuring effort.
According to a memo distributed to all Gemini employees on June 2, plummeting crypto values, stagnant development, and geopolitical unrest had harmed the whole sector – including Gemini. This led the Winklevoss twins to make the announcement.
- “This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter.’ This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”
A letter obtained by Bloomberg News indicates that Gemini is reorganizing its operations in preparation for the impending crypto winter. There were no further specifics given by Bloomberg as to what goods were crucial to the company’s objective from the Winklevoss twins.
According to the message, team leaders will be in charge of making the cuts due to “turbulent market conditions that are likely to linger for some time.
Bloomberg believes that Gemini employs roughly 1,000 workers based on LinkedIn profiles, although the exchange does not reveal this information. This could lead to the layoff of around 100 individuals in the following weeks.
Around 70 available opportunities are listed on Gemini’s website, ranging from software engineers and product managers to legal and design professionals.. At this time, it is not known if the company will fill the current vacancies or stop hiring.
Online sessions will be scheduled for those affected by the layoffs to discuss Gemini’s severance payments and health-care coverage. To discuss the company’s future, the company’s New York headquarters will be closed on June 2 and reopened on June 3 for a “standup” meeting with all employees.
- “Today is a tough day, but one that will make Gemini better over the long run.”
