Crypto unicorn Gemini lays off 10% of workforce


Cryptocurrency exchange Gemini has become the latest fintech to announce layoffs, blaming “turbulent market conditions” for the decision to cut its headcount by about 10%.

In a message to “Astronauts”, the firm’s founders, Cameron and Tyler Winklevoss, say they are cutting staff as the industry faces up to a “crypto winter” compounded by wider “macroeconomic and geopolitical turmoil”.

Gemini, which is estimated to employee around 1000 people, will lay off about 10% of its workforce as its becomes “focused only on products that are critical to our mission”.

“Today is a tough day, but one that will make Gemini better over the long run,” say the twins, who raised $400 million at a $7.1 billion valuation late last year.


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