An anonymous source connected to the crypto exchange Gemini stated that the company had fired 7% of its employees on July 18,2022.
According to TechCrunch’s source, Gemini had reportedly fired at most 68 employees in a low-key way. Because the workers weren’t part of the company’s Slack group, the source discovered about it.
Gemini has yet to confirm or deny the news. However, an anonymous source claims that the crypto exchange is using “extreme cost-cutting practices” to stay afloat during the crypto winter.
Gemini May Be Preparing For More Layoffs
TechCrunch obtained a document that Gemini could have 150 additional employees or 15% of its current 950 employees.
Cameron Winklevoss (co-founder of Gemini), noticed the document that was leaked by one employee. He wrote on slack, “super lame”, that the information had been leaked on the internet by one of his employees, which shows his lack of respect for his coworkers.
“Wow, that’s super lame. If you leak company information, it is a sign you have a low level consciousness and respect for your team members, who greatly benefit from the openness and cooperation we strive to foster.
Gemini has not made an official statement about the leak.
Crypto Winter continues to wreak havoc on the Crypto Community
Despite the fact that the cryptocurrency market is now worth a trillion dollars, it is too early to declare victory. Bloomberg and Finbold reports indicate that Bitcoin hasn’t yet reached bottom and will likely take many months to recover.
Many cryptocurrency exchanges including Bitmex and Coinbase have been executing massive layoffs in recent months to combat the negative conditions that can lead to a bear market.
Cryptopotato reported recently that Coinbase, the largest cryptocurrency exchange in the world, had to layoff more than 1,000 employees due to the economic recession in the country. The company plans to accelerate its expansion in Europe as part its growth plan.
For the moment, Kraken and Binance seem to be the only major crypto companies that continue hiring staff despite possible global macroeconomic downturns.
Marla Brooks – Financial Analysis
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