Cryptocurrency exchange Gemini has become the latest fintech to announce layoffs due to turbulent market conditions.
Gemini is estimated to employee around 1000 people will lay off about 10% of its workforce as it becomes focused only on products that are critical to the mission. All employees will be provided a separation package and healthcare benefits.
The firm's founders, Cameron and Tyler Winklevoss said they are cutting staff as the industry faces up to a crypto winter compounded by wider macroeconomic and geopolitical turmoil.
The Founders, who raised $400 million at a $7.1 billion valuation late last year, said, “Today is a tough day, but one that will make Gemini better over the long run.”
