Gemini, the
cryptocurrency exchange owned by the Winklevoss twin brothers, is set to reduce
its workforce by 10%, making job cuts for the third time in the last seven
months. Despite a rebound in cryptocurrency prices in 2023, the crypto winter
continues, with more companies announcing job cuts in the sector.
According
to an internal message viewed by The Information, the company managed by
Tayler and Cameron Winklevoss is set to lay off one in ten of its current
workforce. The news was distributed on Monday via the company’s Slack and
separately confirmed by CNBC in an interview with a company
spokesperson.
Gemini had
about 1,000 employees in November, having laid off about 7% of its workforce in
July and cut 10% of its workforce a month earlier.“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,” Cameron Winklevoss wrote in a Slack
message seen by The Information.
Gemini Problems
Pile Up
Although
the crypto market is still near its long-term minimums, low prices are one of
Gemini’s latest problems. The platform is facing a court battle with the U.S.
Securities and Exchange Commission (SEC
