There were 68 fewer employees on the company's Slack channel, indicating that Gemini had reduced its workforce by about 7 percent
By Shashank Bhardwaj
Crypto exchange Gemini conducted the second round of layoffs just seven weeks after cutting almost 10 percent of its personnel owing to "turbulent market conditions”, and there may be more to come.
Employees had to speculatively ascertain the precise number of coworkers laid off in the latest downsizing because the corporation had not shared the number of Monday's layoffs internally - neither broadly nor in detail.
A source close to Gemini claimed that there were 68 fewer employees on the business's Slack channel, indicating that the crypto exchange had laid off around 7 percent of its workforce, comprising more than 1,000 employees. According to the unidentified source, Gemini kept firing workers as part of "severe cost-cutting."
The Gemini Trust, owned by the Winklevoss brothers, reportedly let off 10 percent of its workforce in June when many major cryptos saw double-digit price declines due to the bear market. However, as of the time of writing, the prices of Bitcoin (BTC) and Ether (ETH) had increased by more than 10 percent and 42 percent, respectively, over the previous week.
The Winklevoss brothers were on tour with their band, Mars Junction, throughout the turbulence of the crypto market and the announcement of similar staff reductions by other significant exchanges, including Coinbase and Crypto.com, in June.
The Gemini Exchange is being sued by the US Commodity Futures Trading Commission (CFTC), which claims that during in-person meetings and in official documents during 2017, the exchange made false or misleading assertions. The statements helped the CFTC determine whether the investment vehicle would be subject to manipulation by being a part of Gemini's self-certification of a BTC futures contract.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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