Gemini reportedly slashes more staff amidst bear run

Winkelvoss Gemini

Popular United States-based cryptocurrency exchange Gemini has allegedly cut back on even more staff resources. Just over a month ago, Gemini had cut back on 10% of its staff amidst the industry’s bear run.

Headed by Cameron and Tyler Winklevoss, Gemini – like many exchanges – has been struggling with the declined prices and trading volumes in the market. In a report from TechCrunch early this week, there have been reports that the exchange has axed even more staff members with 68 fewer employees on the Slack channel present at the beginning of the week. This represents close to 7% of its current staff of around 1,000 people. The source, choosing to remain anonymous, has claimed that Gemini’s layoffs are as part of “extreme” cost-cutting to survive through the extended crypto winter.

Gemini in June – Staff cut-backs and cost-trimming

A month ago, in June Gemini had reportedly cut 10% of its employees when the prices of Bitcoin and cryptocurrencies had fallen aggressively with no signs of the market turning upwards. Looking at slashes across trading values, trading volumes have been reduced too, with investors either selling off or holding without moving their tokens.

This cut-back in June appears like it might have been the first, but not the last, for the exchange for this current bear run. In addition to this, an internal operating planning document was shared in the Gemini office and released on anonymous professional network Blind. The document showed a plan for the company of around 800 employees, which is 85% of its current workforce of around 950 employees. Apparently, Cameron Winklevoss took to the company’s Slack message after the internal report was released to air disappointment at the situation:

“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). Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here.”

Related Articles

Data: FTX crash won’t have a major impact on the market

According to data from Chainalysis, the crash of FTX won't have a long-term effect on the crypto market despite fear and uncertainty.

Hong Kong authority: Stablecoins can risk fiat stability

According to the Hong Kong Monetary Authority (HKMA), stablecoins and cryptocurrencies are set to create volatility in traditional finance.

Binance invests in hardware wallet technology

Following the FTX saga, leading crypto exchange Binance has invested in the technology to offer more hardware wallets in the industry.

Billionaire Bill Ackman: “Crypto is here to stay”

Despite the crash of FTX, cryptocurrency is a part of the future of finance according to hedge fund investor Bill Ackman.

See All