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Gemini Downsizes Staff To Weather Crypto Winter

The exchange will lay off approximately 10% of its staff.

 

Gemini has announced that it will discharge about 10% of its staff as it prepares for the approaching crypto stasis.

Winter is Here, Say the Winklevoss Bros.

In a blog post, on the second of June, the crypto exchange and custodian announced the news of the impending downsize to its employees. The company’s CEO and President both reiterated that they consider people to be their most valuable asset. While Gemini believes its numerous employees have been instrumental to its growth, the approaching “crypto winter” has made them reconsider the size of its workforce. 

Of late, incidents such as Terra’s collapse and Bitcoin’s struggle highlight what turbulent times the crypto market are experiencing.  The global market cap has dropped by almost half as a result of recent unfavorable events. It is currently at $1.3 trillion from its November high of nearly $3 trillion. Likewise, per the Department of Labor, inflation is at an all-time high of 8.5%. Moreover, the Russo-Ukrainian war has added to the uncertainty hovering over the world’s financial market.  

Gemini Streamlines Workforce

In their published official message, the Winklevoss brothers shared that they believe the crypto revolution is in full swing and cannot be stopped. Nevertheless, they have observed a trend of unpredictability in the crypto marketplace which prompted their decision. 

Usually, there is a massive upsurge, says Winklevoss, then a shaking down, and finally a plateau. Gemini’s leadership believes that the shakedown has begun and that it would lead to stasis.

Therefore, to weather a “winter” they see coming, they have asked team leads to ensure that they work only on critical projects that are critical to their mission. Those leaders would also have to determine if their teams are the right size for the current contractions of the marketplace. The result was a decision to lay off roughly 10% of their workforce.

At present, Gemini Trust has shut all its physical offices. It has also asked affected individuals to meet remotely with managers to discuss severance terms and health benefit offers.

Gemini is Not Alone in Staff Restructuring

Many other crypto exchanges are also following a similar path to better handle this turn of events. Take Coinbase for instance, On May 17, President, Emilie Choi shared an update about freezing their hiring plans. The COO explained that they had earlier planned to triple the size of their company. However, in light of the state of the economy, they found it wiser to put those plans on hold and focus only on their highest priorities.

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Notably, Gemini’s layoff comes amid its legal troubles with the Commodities Futures Trading Commission. Earlier on Thursday, the CFTC filed a lawsuit against the exchange, accusing it of false statements made in 2017 regarding a Bitcoin-backed Futures contract.

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