Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions.
Winklevoss’ crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to employees on June 2, as Bloomberg reported.
As part of its first major headcount cut, Gemini will refocus only on products that are “critical” to the firm’s mission, the brothers said, adding that “turbulent market conditions” are “likely to persist for some time.” The notice reportedly reads:
“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.’ […] This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”
The new report comes after a number of major industry companies fired some employees or put new hires on hold. In mid-May, the Coinbase exchange officially announced that it would slow down hiring and reassess its headcount in order to ensure it continues operating as planned.
Previously, the major crypto-friendly trading platform Robinhood fired 9% of its workforce. The layoffs came amid Robinhood’s HOOD stock touching all-time lows as part of a longer-term bear market on crypto markets.
The latest crypto industry layoffs are by no means new to the industry as major crypto markets like Bitcoin (BTC) have been historically moving in cycles, with major bear markets preceding bigger gains. Amid a massive bear market of crypto in 2018, some industry firms like ConsenSys reportedly fired up to 60% of their workforce, announcing plans to hire 600 employees afterward.
Related: Crypto job market holding up despite tech industry cutbacks
According to some sources, the current conditions of the crypto job market do not look too much gloomy though. According to the…
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