Wicklevoss brothers-owned bitcoin exchange Gemini will reduce the number of staff by 10%. Cryptozyma and unfavorable macroeconomic conditions are cited as reasons.
Similar wording is given in a memo to employees. This will be the first massive downsizing since the platform was founded in 2014.
“We are in a contraction phase that is moving into a period of stagnation. […] We are not alone,” the document reads.
Gemini will focus “on products that are critical to its mission.” Team leaders were asked to estimate headcount in light of “turbulent market conditions that are likely to persist for some time.”
The agency estimated that Gemini could employ about 1,000 professionals, based on information on LinkedIn profiles.