Gemini lays off 10% of its workforce
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.”
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