Gemini exchange lays off 10% of staff due to 'turbulent' crypto market

Gemini exchange lays off 10% of staff due to 'turbulent' crypto market

The company, run by the Winklevoss twins, cited falling cryptocurrencies and macroeconomic market conditions as arguments.

Crypto exchange Gemini announced it will lay off about 10% of its employees, citing "turbulent market conditions that are likely to continue for some time."

The company, run by billionaire twins Cameron and Tyler Winklevoss, made the announcement in a blog post on Thursday morning.

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The crypto industry is currently in a "contraction phase that is transitioning into a period of stagnation," also known as "crypto winter," according to the company's statement. "All of this has been exacerbated by the current macroeconomic and geopolitical turmoil. We are not alone," the twins added.

Some industry competitors have adjusted their hiring plans in light of the market downturn.

Last month, Coinbase (COIN) announced it would slow hiring and reassess staffing needs. Meanwhile, Fidelity Digital Assets plans to double its staff this year to meet growing demand for cryptocurrency trading from institutional investors, according to a recent report.

Craft, the provider, says Gemini has around 1,000 employees, while LinkedIn puts the number at 501 to 1,000.

This article was translated by Andrés Engler.