Gemini Cuts 10% Of Its Staff

Gemini founders Tyler and Cameron Winklevoss shared an announcement earlier today that they had made the “difficult but necessary decision to part ways with approximately 10% of our (Gemini) workforce. “

The main reasons given for this decision was the ongoing crypto winter and current macroeconomic and geopolitical turmoil. The laid off staff will receive a calendar invite for a private virtual meeting to discuss details on separation package and health benefits that Gemini will be providing.

It’s interesting to see exchanges are cutting staff, while many other crypto, tech, and finance companies are on a crypto hiring spree. Robinhood announced layoffs in late April, ahead of its first-quarter earnings release.

Gemini is one of the largest crypto finance platforms. They offer an enxchange, custody, clearing, wallet, and other crypto services.