Gemini launches another round of redundancies

Crypto exchange set to axe a further 10% of staff despite layoffs last summer.

Cryptocurrency exchange Gemini is reportedly laying off 10% of its workforce.

In a memo to the company, co-founder Cameron Winklevoss reportedly wrote: “It was our hope to avoid further reductions after this summer.

“However, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount.”

The firm previously culled 10% of its headcount in June 2022, then followed it up with a further 7% layoffs the following month.

The news follows the downsizing of staff at other industry players including, Coinbase, Kraken and Genesis. The latter also filing for bankruptcy protection on January 19.

Gemini, which unlike many of its competitors is subject to New York banking regulations, has been in a battle with Genesis after the brokerage froze lending and redemptions shortly after the collapse of FTX, leaving Gemini customers short of a reported $900m.

Those events have led Gemini to temporarily suspend its redemption program Gemini Earn, with three of its 340,000 customers banding together in a class action lawsuit against the firm.

The Genesis bankruptcy filing revealed that Gemini tops its list of creditors, owing the exchange $756.9m, a whopping $300m more than its next creditor.

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Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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