Cryptocurrency exchange Gemini cuts staff for the second time in seven weeks

Cryptocurrency exchange network Gemini has completed its second round of layoffs in just seven weeks.

TechCrunch reports that another 68 employees, or 7% of the company’s staff, were made redundant due to the reduction of the company-wide Slack channel on Monday morning.

It is understood that the changes were made due to “extreme cost-cutting measures”. TechCrunch reports.

This comes after the June cuts saw 10 percent of the labor force leave the company.

At that time, all affected employees were provided with severance pay and ongoing medical care. Amid layoffs, Gemini closed their physical offices to respect the identity of those fired.

“Our highest priority will be to treat each affected person with compassion and respect,” co-founders Cameron and Tyler Winklevoss wrote in an email to employees.

Downsizing plan leaked online

Staff cuts ahead TechCrunch reports that the plan to increase the number of Gemini employees to 800 was publicly posted on the Internet, which corresponds to a reduction of about 15 percent.

The move was criticized by Cameron Winklevoss.

“It has come to my attention that at least one team member thinks it is a good idea to post a snippet of our technology roadmap on a third party website (Blind),” he wrote in a weak message.

“Wow, super sucks… if you’re leaking information about a company, you’re showing a low level of conscience and respect for your teammates, who greatly benefit from the openness we’re trying to create and encourage here.”

However, none of the Gemini founders have publicly come forward with the latest round at this time.

After previous layoffs, the billionaire twins shared public blog post in which they addressed the “current turbulent market conditions” that have resulted in job cuts.

“After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10 percent of our workforce,” they wrote.

“Today is a tough day, but it will make Gemini better in the long run. Constraint is the mother of innovation, and hard times are a concentration-enhancing function that is critical to the success of any startup.”

Severe warning about “cryptozime”

The cuts in Gemini’s staff come as other crypto companies faced staffing changes and cost-cutting challenges amid the “crypto winter” — something Gemini’s co-founders have cited in relation to previous cuts.

Combined with what the Winklevoss brothers called “macroeconomic and geopolitical upheavals,” they said that after the “dramatic hypergrowth” of the cryptocurrency, “dramatic contractions” and a “period of stagnation” are to be expected.

Instead of turmoil in the market, several crypto experts shared gloomy predictions for an alternative currency.

Recently, a well-known crypto trader, founder and CEO of Binance Changpeng ‘CZ’ Zhao said he believed bitcoin would not exceed its all-time high for at least another two years.

From November 2021 to present, the cryptocurrency has dropped from $69,000 (AU$99,000) to $18,000 (AU$25,300) this month.

“I think with this drop in prices from an all-time high of $68,000 to $20,000 now, it will probably take some time to come back,” he said. The keeper.

“It will probably take a few months or a couple of years.”

Speaking to Australian Financial Review, State Street Digital’s head of Asia Pacific Irfan Ahmad said the current “crypto winter” has been the harshest, comparing it to a “polar vortex”. While he believed that well-known tokens such as Bitcoin and Ethereum would survive, there were likely to be several dramatic changes.

“This is the fourth crypto winter and the harshest given the wider distribution – we call it the polar vortex,” he said.

“There will be an evolution of players and protocols in the market.”

Originally published as Cryptocurrency exchange Gemini cuts staff for the second time in seven weeks