Gemini has reportedly dismissed more than a month after reports that the cryptocurrency exchange had laid off 10% of its workforce. Sources claim that this is due to their “extreme cost-cutting.”
A source close to Gemini reportedly informed TechCrunch that the firm had decreased 68 employees from its Slack group, implying a 7% reduction in personnel.
According to the source, a company-wide internal operating plan document was published on the anonymous professional network Blind on July 14 and swiftly disseminated throughout the organization, but it was immediately deleted.
According to the memo, the company planned to reduce its staff of 950 people to roughly 800. This figure is approximately 15% lower than it currently is.
Continuation of Legal Dilemma
In June, when many major cryptocurrencies saw double-digit price drops due to the bear market, the Gemini Trust, which the Winklevoss brothers own, let off 10% of its staff. However, according to the current rates, Bitcoin (BTC) and Ether (ETH) have increased by more than 4% and 10% over the previous day.
Some crypto-centric businesses have let go of staff in recent months. Last Thursday, OpenSea, an NFT marketplace, laid off 20% of its personnel. Various other firms like Crypto.com and Coinbase have also reduced staff owing to the cryptocurrency market’s volatility.
In 2017, the Commodity Futures Trading Commission sued Gemini in June, alleging that the exchange made false claims in meetings.