Gemini To Lay Off 10% of Workforce

A media outlet-accessible internal document claims that the cryptocurrency exchange Gemini intends to fire 10% of its staff. This occurred after the bankruptcy of Genesis Capital, which was brought on by the fall of the FTX empire, had an impact on Gemini’s clients back in December 2022.

Gemini has currently carried out at least three waves of layoffs during the past eight months. The exchange’s President Cameron Winklevoss informed the company’s employees, known as “Astronauts,” via Slack on Monday of the most recent round of layoffs.

Cameron Winklevoss stated:

“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.”

As a sign of the exchange’s close links to the failing Genesis, Gemini and Genesis collaborated to develop Gemini Earn, a high-yielding cryptocurrency loan product, in February 2021. 

The United States Securities and Exchange Commission didn’t bring a case against the firms until the beginning of this month, saying that they had offered unregistered securities to market participants through the platform Gemini Earn.