According to an internal memo that was accessed by media outlets, the cryptocurrency exchange Gemini is planning to lay off 10% of its workforce. This comes after Gemini’s customers being affected by the bankruptcy of Genesis Capital due to the collapse of FTX.
At this point, Gemini has implemented at least the third round of layoffs in the last eight months. On Monday, Gemini President Cameron Winklevoss sent a message on Slack informing staff members, who are referred to internally as “Astronauts,” of the most recent round of layoffs.
Cameron Winklevoss was quoted as saying:
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.
This is a developing story and is being frequently updated.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
