Crypto Exchange Gemini Reportedly Initiates Second Round of Layoffs

Just weeks after the exchange cut about 10% of its staff due to “turbulent market conditions,” Gemini has had to make a second round of staff cuts according to TechCrunch, and more may be on the way. It is said that in this round, the company has laid off about 7% of its employees, or 68 workers.

Cryptocurrency exchange Gemini has reportedly fired 68 workers in a second round of staff cuts as the bear market continues. As of yet, Gemini has not confirmed or denied the news, however, according to anonymous sources, the exchange is implementing “extreme cost-cutting” practices in order to survive the crypto winter. According to information gathered by TechCrunch, a document was leaked by one of the employees at Gemini and has caught the attention of one of the co-founders Cameron Winklevoss, who responded on the company’s slack channel that it was “super lame” that one of his employees had leaked sensitive information like this on the internet as it showed how little respect he shares for his co-workers.

The slack channel reads,

Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here.

Although the crypto market has shown some promise over the past couple of days and has returned to its trillion-dollar market cap, it is still too early to claim victory. Reports are still surfacing indicating that Bitcoin is yet to hit its bottom and that the market may still take some time to recover. Given that the market is still very unpredictable and many fear the worst is yet to happen, a host of companies are still initiating layoffs. Just last week, the world’s leading NFT marketplace, OpenSea, announced that it would be reducing its staff by 20%. A number of other crypto firms including Crypto.com, Coinbase, and Bybit are also cutting staff amid the market volatility.

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