Gemini, the bitcoin exchange owned by the Wicklevoss brothers, will cut its workforce by 10%. Bloomberg writes that the reasons for this are called crypto winter and adverse macroeconomic conditions.

Similar statements are given to employees in a note. This will be the first major layoff since the platform was launched in 2014.

“We are in a contraction phase that turns into a recession. […] we are not alone says document.

Gemini will focus on “mission critical products”. Team leaders were asked to estimate the number of employees given “the turbulent market conditions that are likely to continue for some time.”

The agency estimates that around 1,000 professionals can work for Gemini, based on information on their LinkedIn profiles.

In November 2021, the media reported on a $400 million funding round worth $7.1 billion to Gemini.

Recall that online broker Robinhood then cut staff by 9% amid a 75% crash in stocks. public offering.

Previously, the media had reported on cost optimization at Coinbase after a poor start to the year.

In May, JPMorgan analysts assumed that the crypto winter would be short-lived due to the influx of venture capital into the industry.