Cryptocurrency exchange and custodian Gemini announced it will lay off about 10% of its staff, 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 Thursday morning.
- The crypto industry is currently in a "contraction phase that is transitioning into a period of stagnation," also known as "crypto winter," the comments read. "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 amid the market turmoil.
- Last month, Coinbase (COIN) said it would slow down hiring and reevaluate its staffing needs. Meanwhile, Fidelity Digital Assets plans to double its staff this year to meet growing demand for crypto trading from institutional investors, according to a recent report.
- According to vendor Craft, Gemini has about 1,000 employees, while LinkedIn puts the number at 501-1,000.