It was a forced decision since the crypto market is in a long-lasting stagnation.
Gemini co-founders, Winklevoss brothers, stated that the company is slightly changing its work priorities, and now they have a meticulous eye on critical products. As for such an extensive reduction in staff, this is not an isolated incident — many global companies in their history, unfortunately, made such negative decisions.
They envision this particular moment as the best time to generate out-of-the-box ideas and create customer-oriented products. Compared to last year, the cryptocurrency market capitalization has almost halved and Bitcoin lost more than 55% compared to the all-time high of $69,000 in November 2021.
In addition, the accumulated geopolitical stalemate, growing inflation, the ongoing war in Ukraine, and Terra’s downfall caused panic in the crypto market. However, Gemini is not the only company that is conducting mass layoffs. Another crypto exchange, Rain Financial Inc., backed by Coinbase, also sent dozens of pink slips.
We’ve reported that Bolt is going to fire about 300 of its employees to increase its profitability