Media: Winklevoss brothers’ crypto exchange executes second round of layoffs

An anonymous source told TechCrunch that Gemini has reduced staff by a further 7% due to “extreme cost cutting.”

19.07.2022 - 11:15

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What’s new? Winklevoss brothers’ cryptocurrency exchange Gemini, a month and a half after cutting 10% of its staff, has carried out the second round of layoffs, TechCrunch reports, citing its own sources. The platform has reportedly laid off another 7% or 68 employees due to “extreme cost cutting.”

TechCrunch’s material

What is known about the company’s plans? According to an anonymous source, an internal operating plan document was circulated in the office and on an anonymous professional network Blind last week but was deleted shortly afterward. According to the document, Gemini was planning to cut its headcount from 950 to 800 employees, which is about 15% of its staff at the time.

What is known about the exchange? Gemini Trust Company is a centralized cryptocurrency exchange and trust company regulated by the New York State Department of Financial Services (NYDFS). The platform was founded in 2014 by Cameron and Tyler Winklevoss. There are 124 trading pairs available on the exchange, with a daily trading volume of $193 million, according to CoinGecko.

Earlier, journalist Colin Wu reported on cryptocurrency exchange Bybit’s plans to lay off 20-30% of its employees. In a letter to employees, the company said that “organization size grew exponentially but the overall business growth did not grow in the same way.” Coinbase also attributed the 18% staff reduction to excessive team growth, which negatively affected the company’s operation efficiency.

Other crypto projects are also cutting staff amid the downturn in the digital asset market. For example, the Bitpanda platform will lay off more than 70% of its staff, while the OpenSea NFT marketplace will reduce its staff by 20%.

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