Gemini will reduce the staff by 10% against the background of the fall of the cryptocurrency market

The Gemini Bitcoin-Birzha belonging to the Winklvossi brothers will reduce the number of staff by 10%. Cryptosim and adverse macroeconomic conditions are called as reasons, writes Bloomberg.

Such a wording is given in a note for employees. This will be the first mass reduction of the state since the founding of the platform in 2014.

“We are in the compression phase, which passes during the period of stagnation. […] We are not alone “, – says in the document.

Gemini will focus “on products that are crucial for its mission”. Team leaders were asked to evaluate the number of personnel taking into account “turbulent market conditions, which will probably remain for some time”.

The agency calculated that about 1000 specialists can work on Gemini based on information in Linkedin profiles.

In November 2021, the media reported a round of funding for $ 400 million, as a result of which Gemini was estimated at $ 7.1 billion.

Recall that the Robinhood online https://gagarin.news/news/streaming-platform-twitch-stops-crypto-gambling-livestreams/ shutter reduced the state by 9% against the background of the collapse of shares by 75% after an IPO .

Earlier, the media reported on optimizing costs in Coinbase after a weak beginning of the year.

In May, JPMorgan analysts admitted that cryptosim will be short due to the inflow of venture capital in the industry.

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