It's at least the third round of cuts in less than a year for Gemini, which was co-founded by twins Cameron and Tyler Winklevoss, and unlike many

Crypto exchange Gemini lays off 10% of workforce in its latest round of cuts

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2023-01-24 02:30:05

It's at least the third round of cuts in less than a year for Gemini, which was co-founded by twins Cameron and Tyler Winklevoss, and unlike many of its peers, is subject to New York banking regulation.

Gemini had 1,000 employees as of November 2022, according to PitchBook data, suggesting around 100 people lost their positions. TechCrunch reported that Gemini had previously trimmed its headcount by 7% in July 2022, following a 10% staff a month earlier.

Other crypto firms like Crypto.com, Coinbase , Kraken, and Genesis have eliminated positions since Nov. 11, the day that Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy. In early January, Coinbase slashed 20% of its workforce in a second major round of job cuts in an effort to preserve cash during the crypto market downturn.

"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," wrote Cameron Winklevoss in an internal message obtained by The Information.