Gemini Exchange Engages in More Layoffs

The Gemini exchange, which is based in New York and run by Cameron and Tyler Winklevoss of “The Social Network” fame, is laying off another ten percent of its workforce and reducing its headcount by even more people.

About 10% of Gemini Workers Are Saying “Bye”

This is ultimately the third massive layoff stint the company has performed in the past year or so, though this is only the second one to be fully reported on. In the summer of last year, Gemini really caused a lot of people to turn their heads in shock when it was announced that the first layoff event – which would see the company’s staff reduced from 1,000 individuals to about 900 – occurred. Insult was added to injury when it turned out many of these people were not being let go in person but rather via Zoom calls.

Gemini – like many other crypto firms – has been stuck having to contend with falling crypto prices and a lot of bad behavior that has ultimately done irreparable damage to the crypto space. It’s true that world-popular digital currencies like bitcoin have experienced solid price hikes in recent weeks, though the currency is still way off the mark when compared with its all-time high of $68,000 (which it achieved in November of 2021), and there is still a lot of wiggle room when it comes to ensuring the healing process occurs.

Thus, while there has been positive activity within the borders of the crypto arena since the start of January, it’s going to be a while before crypto is where it needs to be. In the meantime, the aftermath of 2022 is still very much alive, and the crypto space is having to lick its wounds a little bit.

Gemini is one of the most controversial (as of late) crypto exchanges in the world, though it has arguably been one of the most successful. Beginning in the year 2005, Gemini would later open the doors to its crypto trading platform and its wallet system which is used by customers to store their digital currency units. At the time of writing, the company is backed by just over $420 million in funding.

Regarding the recent layoffs, co-founder Cameron Winklevoss explained to employees:

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.

The SEC Is Charging the Company

The action is occurring in the wake of charges being filed against the company by the Securities and Exchange Commission (SEC), which alleges that Gemini offered unregistered securities to retail investors.

Other crypto firms to engage in layoffs in recent weeks include Coinbase and Huobi Global.

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