Gemini Exchange Lays Off About 10% of its Workforce

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American cryptocurrency exchange, Gemini has taken the painful but drastic step of laying off as many as 10% of its workforce, a response to the growing realities in the digital currency ecosystem. 

Despite the layoff, Tyler and Cameron Winklevoss reiterated the fact that their staff remains the most important part of the company as their effort is recognized and has contributed to the overall growth of the trading platform.

“Your hard work and dedication has propelled Gemini to heights that would have been hard to imagine when we first started building eight years ago, in the Fall of 2014. You shape our culture, drive our innovation, and breathe life and energy into our products that have brought greater choice, independence, and opportunity to millions of people around the world,” the duo, serving as the Chief Executive Officer and President of company, said in the note shared with employees.

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Gemini is committing to assisting the affected staff by opening the door for severance pay negotiations as well as access to medical care beyond their active service with the firm. The two co-founders said the emergence of this year’s crypto winter has further weakened the position of the trading platform, a scenario that has further been worsened by the geopolitical tension between Russia and Ukraine.

The ensuing rise in the length of deliveries impacts the global supply chain by reason of the war which has further alleviated the prices of consumables, especially items that usually come from Russia and Ukraine. Laying off staff was described by the exchange as its own way of handling the current situation plaguing the industry, with no defined timeline for it to be revived.

Working for Company’s Growth

Service providers in the digital currency ecosystem love to travel light, as the business outlook turned gloomy with crypto assets exhibiting a very tight correlation with the mainstream stock market.

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The move by Gemini to lay off its staff is not necessarily a new move amongst top exchanges. Nasdaq-listed Coinbase Exchange recently unveiled through its President and Chief Operating Officer, Emilie Choi that it will halt hiring of new staff in the wake of the current industry realities. Emilie said the company will focus on helping already employed staff to get appropriately integrated into the company.

While generally not as brutal as Gemini’s approach, the latest move to lay off staff is evident that these companies are all out to do anything that will favor their company’s intrinsic growth over time.

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