Gemini cuts more staff as many crypto prices increase: Report
Cameron and Tyler Winklevoss’ Gemini has reportedly laid off additional staff more than a month after reports suggested the cryptocurrency exchange cut 10% of its employees.
In a Monday report from TechCrunch, the news outlet said that a source close to Gemini reported there were 68 fewer employees on the company’s Slack channel, suggesting the crypto exchange had cut roughly 7% of its more than 1,000 staff. The unnamed source claimed that Gemini was continuing to lay off employees as part of “extreme cost cutting.”
Crypto exchange Gemini executes second round of layoffs less than two months after axing 10% of staff by @jacqmelinek— TechCrunch (@TechCrunch) July 18, 2022
The Winklevoss brothers’ Gemini Trust reportedly cut 10% of its employees amid the bear market in June as the price of many major cryptocurrencies fell by double digit percentages. However, at the time of publication, Bitcoin (BTC) and Ether (ETH) prices have risen by more than 4% and 10% in the last 24 hours, respectively.
Amid the crypto market volatility and other major exchanges including Coinbase and Crypto.com announcing similar staff cuts in June, the Winklevoss brothers were reportedly on tour with their band, Mars Junction:
We are kicking off the @MarsJunction summer tour in Asbury Park, New Jersey at @WonderBarAP tomorrow night! Come rock with us. Get tickets here: — Cameron Winklevoss (@cameron) June 8, 2022
The United States Commodity Futures Trading Commission filed suit against Gemini in June, alleging the exchange made false or misleading statements in 2017 during in-person meetings and in official documents. The statements were part of Gemini’s self-certification of a BTC futures contract, facilitating the CFTC’s determination to see if the investment vehicle could be susceptible to manipulation.
Cointelegraph reached out to Gemini, but did not receive a response at the time of publication.Source