Bitcoin News and Finance
Crypto Exchange Gemini Axes 7% of Its Staff in Second Wave of Layoffs Skip to main content

Crypto Exchange Gemini Axes 7% of Its Staff in Second Wave of Layoffs

gemini

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off more staff. According to reports, the company is axing 7% of its current workforce, as it engages in significant cost-cutting policies. This is the second wave of layoffs at Gemini, after the company laid off 10% of its staff less than two months ago.

Gemini Lays Off More Staff

Gemini, a regulated, U.S.-based cryptocurrency exchange founded by the Winklevoss twins, is reducing the size of its workforce, according to sources. While the exchange did not make an internal announcement for this round of layoffs, it is estimated that it laid off 7% of its current workforce, with 68 employees leaving the company.

However, the extent of the layoff plan could be even bigger, with leaked documents pointing out that the company might fire more of its staff to reach a workforce number of 800 employees, implying that 150 more employees could be laid off to reach this goal. The company had 950 employees at the moment of the leak. A source told Techcrunch this set of measures would be the result of “extreme cost-cutting” policies applied by the company.

Layoffs Across the Crypto Ecosystem

This is not the first time that Gemini has laid off employees during this market downturn. Less than two months ago, the company announced its first wave of layoffs that cut 10% of its employees out of the company. At that time, Gemini reported that it would focus only on products that were critical to its mission, and would continue to assess whether the size of its work teams was right for the upcoming market conditions.

Gemini is not the only company that has been hit by the downturn in cryptocurrency prices. Other companies like Meta, and even Apple, have announced changes in their hiring strategy in a projected economic downturn that goes beyond crypto-related spheres. Meta announced recently it would hire significantly fewer workers this year. Apple is another company that will slow hiring and spending growth for the next year.

Crypto companies have been significantly affected. Coinbase first announced it would slow down hiring in May, and then reported it would lay off 18% of its employees in June. Huobi, another exchange, might start layoffs that could exceed 30% of its workforce. Latam-based exchanges, like Bitso and Buenbit, have also laid off employees.

What do you think about Gemini and its recent layoff plan? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory