Gemini to Lay Off 10% of its Staff Amid Crypto Market Fall

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Gemini, the cryptocurrency exchange owned by the Winklevoss brothers, will reduce its staff by 10%. According to Bloomberg, the decision has been made due to the crypto winter and unfavorable macroeconomic conditions.

This will be the first massive layoff since the platform was founded in 2014. The note sent to the employees reads:

“We are in a contraction phase, which is turning into a period of stagnation. We are not alone.”

Gemini will focus “on products that are critical to its mission.” Team leaders have been asked to estimate headcount given “turbulent market conditions that are likely to persist for some time.”

The agency has estimated about 1,000 professionals could work for Gemini.

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