Gemini Cuts Workforce: Report

Gemini, a crypto firm regulated by the New York State Department of Financial Services (NYDFS), is cutting its employee headcount once again, according to a report.

Like many other crypto trading platforms, the drop in digital asset valuations, along with crypto contagion, has impacted Gemini’s operations. Gemini has had to halt its “Earn” program, which was powered by Genesis – a digital asset firm that filed for bankruptcy last week. At the same time, Gemini was recently hit with an enforcement action from the Securities and Exchange Commission (SEC) for its Earn program (along with Genesis).

The report was first covered by the Information and claims that an internal message posted on Slack stated that Gemini is letting go 10% of its employees. The same report indicates this is the third round of job cuts in the past eight months.

Gemini co-founder Cameron Winklevoss is quoted on the job cuts:

“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount.”

Many other tech firms have engaged in a round of job cuts as prospects for the economy decline. At the same time, the US Federal Reserve has increased interest rates to combat persistent inflation. Some observers believe that a higher unemployment rate is exactly what the Feds need to see to halt the rate increases.

 

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