Gemini will cut staff by 10% amid the fall of the cryptocurrency market

Bitcoin exchange Gemini, owned by the Winklevoss brothers, will reduce its staff by 10%. As reasonscrypto winter and unfavorable macroeconomic conditions are named, writes Bloomberg.

Similar wording is given in a note to employees. This will be the first massive layoff since the platform was founded in 2014.

“We are in a contraction phase, which is turning into a period of stagnation. […] We are not alone”,- the document says.

Gemini will focus "on products thatare critical to its mission." Team leaders were asked to estimate headcount given "turbulent market conditions that are likely to persist for some time."

The agency estimated that about 1,000 professionals could work for Gemini, based on information in LinkedIn profiles.

In November 2021, the media reported on a $400 million funding round that valued Gemini at $7.1 billion.

Recall that the online broker Robinhood reduced staff by 9% against the backdrop of a 75% collapse in shares after the IPO.

Earlier, the media reported on cost optimization at Coinbase after a weak start to the year.

In May, JPMorgan analysts assumed that the crypto winter would be short-lived due to the influx of venture capital into the industry.