Cryptocurrency exchange Gemini has become the latest fintech to announce layoffs, blaming “turbulent market conditions” for the decision to cut its headcount by about 10%.
In a message to “Astronauts”, the firm’s founders, Cameron and Tyler Winklevoss, say they are cutting staff as the industry faces up to a “crypto winter” compounded by wider “macroeconomic and geopolitical turmoil”.
Gemini, which is estimated to employee around 1000 people, will lay off about 10% of its workforce as its becomes “focused only on products that are critical to our mission”.
“Today is a tough day, but one that will make Gemini better over the long run,” say the twins, who raised $400 million at a $7.1 billion valuation late last year.
