Gemini Announces 10% Reduction In Employment To Survive Crypto Winter

For the first time, Gemini Trust Co., a crypto exchange established by two brothers, Tyler and Cameron Winklevoss, has announced a 10% reduction in employment due to the overall industry decline.

Gemini is a United States-based regulated crypto exchange established in 2014, providing services to its customers to trade digital currencies, including Bitcoin, Ethereum, and others. The company took a tough decision, closed all the physical offices, and applied job cuts to overcome current industry challenges.   

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Gemini Did Not Disclose Number Of Employees

The LinkedIn page of Gemini shows more than 1,000 employees. This could mean up to 100 jobs were cut, as per their statement released on the company’s blog “A Message from Cameron & Tyler.” Gemini did not immediately respond to a request for comment on the number of layoffs.

On June 2, 2022, the Winklevoss Twins sent a memo to their staff for job cuts, outlining a significant drop in crypto prices, geopolitical instability, and sluggish development as the leading causes for the crypto space’s decline. The Winklevoss brothers noted;

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   

Bloomberg News reports that Gemini plans to reorganize the company in preparation for the coming crypto winter. The Winklevoss Twins said that the firm would focus on critical products that help it achieve its mission; however, Bloomberg did not disclose any information about its core products. Their principal purpose is to enable customers to enter a new financial, creative, and interpersonal freedom era.

The Winklevoss twins have announced that they plan to focus solely on providing services for those products critical to their mission. They argue current market conditions “are likely going to persist for some time.”

The company currently lists 70 open roles on its website ranging from software engineers or product managers to legal professionals. However, it is unclear whether the company will keep hiring for open job positions.

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All those employees affected by the job cut will receive an invitation for an online meeting about the breakup packages and health care benefits provided by the company. Gemini treated this decision as critical and showed the highest priority to treat the lay-off employees with complete respect and kindness. The memo stated:

Today is a tough day, but one that will make Gemini better over the long run

Featured Image from Pixabay and Price Chart from tradingview.com