Gemini exchange cuts some of its employees

The Gemini trading platform, due to the fall of the crypto market and global inflation, announced the optimization of the headcount.

Cameron Howard Winklevoss, Tyler Howard Winklevoss, the founders of the Gemini cryptocurrency exchange, announced on the official blog of the trading platform that 10% was downsizing. The exact number of laid-off employees has not been released, but according to Gemini's LinkedIn page, the company employs more than 1,000 people, which could mean more than 100 jobs will be eliminated.

This is the first time Gemini has announced cuts since its inception in 2014. The statement says that the revision of the state comes against the backdrop of a bearish trend in the cryptocurrency market.

“Right now, we are in a phase of contraction, which is moving into a period of stagnation - what our industry calls the crypto winter. All this is exacerbated by macroeconomic and geopolitical upheavals. We as a company are not alone in this,” the Winklevoss billionaires wrote on their blog.

The Gemini exchange intends to focus only on those products that are critical to the company's mission, the twins said. Especially since the current turbulent market conditions are "likely to persist for some time." Winklevoss announces that Gemini offices will be closed from June 2. The company is going to have online conversations with employees about layoffs and health care benefits. On Friday, June 2, Gemini plans to hold a corporate event to discuss the future of the company.

“Today is a tough day, but it will make Gemini better in the long run,” said the Winklevoss brothers.

Gemini joins a number of crypto companies and services that have cut jobs in recent months, including Buenbit, Bithumb and BitMEX.