Gemini reducing staff by 10% to survive ‘crypto winter’

Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is letting 10% of its staff go as it sees a significant drop in trading activity.

This is the first time the exchange laid off its staff since it was founded in 2014 and the first time its founders said they were seriously affected by market turmoil.

Gemini is consolidating its business with major job cuts

The move was announced in a memo sent to employees on June 2, where the Winklevoss twins said that falling crypto prices, stagnating development, and geopolitical turmoil had affected everyone in the industry — Gemini included.

“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter.’ This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”

According to the memo seen by Bloomberg News, Gemini plans on restructuring its business to survive the impending crypto winter. The Winklevoss twins said that the company would focus only on products that are critical to its mission, but Bloomberg provided no further details as to what those products might be.

The layoffs will be handled by team leaders, which have been asked to assess the headcount of their teams based on “turbulent market conditions that are likely to persist for some time,” the memo said.

And while Gemini doesn’t disclose the number of employees it has, Bloomberg estimates that the exchange employs around 1,000 people based on LinkedIn listings. This means that roughly 100 people could be laid off in the coming weeks.

Gemini’s website lists around 70 open roles, ranging from software engineers and product managers to legal and design positions. It is unclear whether the company will close its open job positions or continue hiring in the future.

Employees impacted by the layoffs will receive a calendar invite for online meetings on the separation packages and health-care benefits Gemini will be providing. The company’s physical offices in New York will remain closed on June 2 and will reopen on June 3 to hold a company-wide “standup” to talk about its future.

“Today is a tough day, but one that will make Gemini better over the long run.”

The memo read.