Gemini, one of the crypto money exchanges that we have frequently mentioned in recent days, is laying off 10 percent of its employees.
Gemini had its share of problems with Genesis Global Capital, where it worked on a product that offered interest income. Cryptocurrency exchange has made layoffs before.
Gemini Dismisses Ten Percent of Employees
Crypto exchange Gemini is laying off another 10 percent of its staff in at least its third round of layoffs since June, according to a message viewed by The Information.
Gemini started having problems due to the bankruptcy of crypto lender Genesis Global Capital and was unable to repay Earn account holders. Gemini founders Cameron and Tyler Winklevoss also engaged in a Twitter battle with Genesis’ parent company, Digital Currency Group, with over $900 million owed to Earn customers.
In the internal message displayed, Gemini president and co-founder Cameron Winklevoss said:
“We had hoped to avoid further reductions after this summer, but the persistent negative macroeconomic conditions and unprecedented fraud sustained by bad actors in our industry left us no choice but to review our outlook and further reduce staffing.”
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