Cryptographic winter is coming.
Winklebos Twin Cryptocurrency Trading Hub Gemini is reducing staff for the first time since the company was founded with the latest signs of related turmoil The recent plunge in crypto prices.
Cameron and Tyler Winklevos, best known in a notorious courtroom with former Harvard classmate and Facebook founder Mark Zuckerberg, told Gemini staff on Thursday in a company-wide note that digital currencies. Admitted that he was in the “contraction stage”. Colloquially known as “crypto winter”.
Layoffs affect about 10% of Gemini’s total workforce. According to the LinkedIn page, the company has offices in New York, Chicago and Portland, Oregon, and has about 1,000 employees.
Proponents of digital currencies have cited difficulties associated with the “current macroeconomic and geopolitical turmoil” that has forced them to reduce their jobs for the first time since the establishment of Gemini in 2014.
“To that end, we ask our team leaders to focus only on the products that are essential to our mission and evaluate whether the size is suitable for the current turbulent market conditions that the team may last for some time. The twins said in a memo, Posted on Gemini’s website..
Bitcoin and other major crypto tokens have plummeted in value in recent months as investors respond to volatile market conditions by dumping higher-risk assets. Cryptocurrencies and high-growth tech stocks have been particularly hit as the Federal Reserve plans to tighten monetary policy.
Bitcoin was trading for less than $ 30,000 as of Thursday morning. This is a significant drop from the record high of $ 69,000 achieved in November last year.The recession resulted Cryptocurrency billionaire sudden loss Similar to individual investors who have invested their savings in the sector.
Winklebos twins said the dismissed workers would be informed about their “separation package and medical benefits” during Thursday’s “individual conversation.” Gemini closes the physical office and holds meetings remotely.
The company will hold a full-time meeting on Friday to discuss the long-term outlook for layoffs and Gemini.
“Today is a tough day, but in the long run it’s a day to make Gemini better,” the memo said. “Restrictions are the mother of innovation and a compulsory feature to focus during difficult times, which is essential to a successful startup.”
Gemini representatives did not immediately return a request for comment.
Gemini is not the only cryptocurrency platform affected by the recent market downturn. last month, Coinbase has revealed that it will delay hiring plansInitially, I was aiming to “triple the size of the company” in 2022.
As The Post reported, a Coinbase representative said the company currently has no plans to implement a layoff.