April 21, 2024

Gemini exchange cuts some of its employees

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Gemini exchange cuts some of its employees

Due to the fall of the crypto market and global inflation, the Gemini trading platform announced the optimization of the number of employees.

The founders of the Gemini cryptocurrency exchange, Cameron Howard Winklevoss (Cameron Howard Winklevoss, Tyler Howard Winklevoss), announced in the official blog of the trading platform a 10% reduction in the number of employees.The exact number of laid-off employees has not been announced, but according to Gemini's LinkedIn page, the company employsmore than 1,000 people, which could mean the elimination of more than 100 jobs.

This is the first time Gemini has announced cuts since its inception in 2014.The statement said that the revisions are taking place against the backdrop of a bearish trend in the cryptocurrency market.

"Right now, we're in a contraction phase that's transitioning into a period of stagnation — what our industry callsAll of this is exacerbated by macroeconomic and geopolitical turmoil.We as a company are not alone in this," billionaires Winklevoss wrote in a blog post.

According to the twins, the Gemini exchange intends to focus only on those products that haveEspecially since the current turbulent market conditions are "likely to persist for some time."Winklevoss reports that Gemini offices will be closed from June 2.The company is going to have online conversations with employees about layoffs and health care benefits.On Friday, June 2, Gemini plans to hold a corporate event to discuss the future of the company.

"Today is a tough day, but it will make Gemini better in the long run," the Winklevoss brothers said.

Gemini joins a number of crypto companies and services that have cut jobs in recent months, including Buenbit, Bithumb and BitMEX.