Gemini, a cryptocurrency exchange, is eliminating 10% of its workforce, the third wave of layoffs in the past eight months.
Cameron and Tyler Winklevoss, the company’s founders and identical twins, announced the announcement in a memo to employees on Monday.
In July, the business made more worker reductions after cutting 10% of its workforce in June.
According to The Information, internal information shows that the encryption exchange Gemini will lay off 10% of its staff.
Cameron Winklevoss, co-founder and president of Gemini, informed employees of the layoffs on Slack, saying that poor macroeconomic conditions and “unprecedented fraud” in the crypto industry have forced the company to lay off employees.
“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,” Winklevoss was quoted as saying.
The layoffs are the third round of layoffs Gemini has made in the past eight months. The Information earlier claimed that from 1,100 employees at the beginning of the year, there were only between 650 and 700 workers by the end of the year.
The second round of layoffs at Gemini began in July of last year. In the second round, the corporation fired 68 workers or 7% of its workforce.
Additionally, the exchange is engaged in legal proceedings with the US Securities and Exchange Commission (SEC) regarding an alleged unregistered offering and sale of securities in conjunction with its collaboration with the cryptocurrency broker Genesis.
The year 2023 is off to a tough start for the cryptocurrency industry, with big businesses like Coinbase Global slashing staff and Genesis Global Capital, the lending arm of Genesis, filing for bankruptcy. Due to the collapse of the FTX exchange, Genesis filed for Chapter 11 bankruptcy last week.
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