The billionaire twins cited geopolitical instability and the broader macro environment as the major cause of such first-ever job cuts.
Gemini – the crypto exchange spearheaded by billionaire twins Cameron and Tyler Winklevoss – announced first-ever job cuts as the months-long crypto selloff had shown no signs of reversal yet. Around 10% of the existing staff will be laid off, according to an internal memo acquired by Bloomberg.that as the industry sunk into the state of “crypto winter” – a term referring to prices remaining bearish over a period of time – the company is “in the contraction phase.
Since trading fees usually constitute a major part of exchanges’ revenues, low trading volume during the bear markets tends to cause a huge impact on them. In 2018, numerous firms had to trim their staff size or even shut down in order to accommodate the reality of declined interest in digital assets.LinkedIn
, the exchange currently has 1038 employees. A 10% staff cut indicates that more than 100 employees will be off the job. They will receive health benefits and “separation packages” from the company. Due to the “turbulent market conditions that are likely to persist for some time,” the twins added that the company will adjust its business strategy accordingly, narrowing its focus down to products critical to its mission. Though acknowledging that cutting staff is a difficult decision, the twins believe it would make the company “better over the long run.”
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