Gemini, an American
cryptocurrency exchange, says it has relieved 10% of its staff of their duties
in preparation for an expected period of downward spiral in cryptocurrency prices called a “crypto
winter”.
The exchange’s Chief
Executive Officer and the President, Tyler and Cameron Winklevoss, two billion
brothers, announced the job cut on Thursday in a blog post on its website.
The Gemini co-founders
said expectations of a continuous downside in the cryptocurrency industry has
been further “compounded by the current macroeconomic and geopolitical
turmoil.”
The executives believe
that the decision will help the company to “double-down on our strongest ideas
and customer-centric products.”
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They added that this
step will also position the company to “be the catalyst of innovation coming
out of these leaner times that will help fuel the next cycle of crypto growth
and adoption.”
The co-founders explained, “The
crypto revolution is well underway and its impact will continue to be profound.
But its trajectory has been anything but gradual or predictable.
“Its path can best be
described as punctuated equilibrium — periods of equilibrium or stasis that are
punctuated by dramatic moments of hyper-growth, followed by sharp contractions
that settle down to a new equilibrium that is higher than the one before.
“This is where we are
now, in the contraction phase that is settling into a period of stasis — what
our industry refers to as ‘crypto winter.’”
The executives also
noted that they have instructed team leaders of the exchange to ensure that they
are focused only on products that are critical to the company’s mission.
The team leaders have also
been instructed to assess whether their teams are right-sized “for the current,
turbulent market conditions that are likely to persist for some time.”
“After much thought and
consideration, we have made the difficult but necessary decision to part ways
with approximately 10% of…
