Gemini has conducted another round of layoffs, according to a TechCrunch report. The company has reduced its workforce by an additional 7% as the effects of crypto winter continue to hit.
The Gemini crypto exchange has conducted another round of layoffs, according to TechCrunch, which reported on the development on Jul. 18. The exchange had previously laid off employees in June 2022, following the market crash.
Gemini slashing staff
Sources close to TechCrunch said that this round of layoffs saw 7% of employees let go. The exchange has not publicly commented on the matter, and the source pointed to fewer members on the company’s Slack channel as evidence.
The TechCrunch report also refers to a document that was leaked last week, which said that it would reduce the number of employees in the company to 800. Co-founder Cameron Winklevoss criticized the leak, calling it “super lame.”
Gemini is also in a bit of trouble with the regulators, as the Commodity Futures Trading Commission has sued the exchange for “false or misleading statements” related to its bitcoin futures product. The statements were originally filed in 2017.
The crypto winter is beginning to take a heavy toll on many established platforms. The inevitable regulation that lawmakers are working on is also playing a part in how the future of crypto is turning out.
Cost cutting is becoming a norm in the crypto space, as companies face the struggles of crypto winter. Gemini is far from the only exchange to cut down on its staff, as Coinbase has also done the same. Interestingly, Binance is looking to expand even more, relying on its sizable treasure chest to support its growth.
The NFT market, which was performing extraordinarily early in the year, has also taken a beating. Trading volumes are down, and NFT marketplace OpenSea has had to cut its staff by 20%.
The crypto winter could last for many more months, as the effects are quite spread and looming regulation bearing down on the market. Currently, bitcoin has moved up from under the $20,000 market, which does offer some hope.