Gemini is the most recent cryptocurrency company to fire staff members due to the volatile market.
Gemini and Genesis created Gemini Earn, a high-yielding bitcoin financing solution, in February 2021.
As a result of the market's growing instability.
According to an internal memo obtained by the media, Gemini, a cryptocurrency exchange, plans to let off 10% of its workforce. This comes after Gemini's clients were impacted by Genesis Capital's bankruptcy as a result of FTX failure.
In the preceding eight months, Gemini has already finished at least its third wave of layoffs. The most recent round of layoffs was announced to Gemini's "Astronauts" on Monday through Slack by business president Cameron Winklevoss.
In February 2021, Gemini and Genesis worked together to create Gemini Earn, a high-yielding cryptocurrency financing product, as a proof of the exchange's close links to the faltering Genesis. It wasn't until the beginning of this month that the US Securities and Exchange Commission filed a lawsuit against the companies, alleging that they had sold unregistered securities to market participants over the Gemini Earn platform.
"It was our hope to prevent more reductions after this summer," said Cameron Winklevoss, "but consistently unfavourable macroeconomic conditions and unparalleled fraud perpetrated by unscrupulous actors in our business have left us with no alternative but to reassess our view and further decrease staff."
Recent data indicates that Gemini's workforce shrunk from 1,100 at the beginning of 2022 to 650–700 by the year's end.