Crypto

Crypto exchange Gemini executes second round of layoffs less than two months after axing 10% of staff

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Just seven weeks after crypto exchange Gemini cut approximately 10% of its workforce due to “turbulent market conditions,” the startup has made a second round of layoffs, TechCrunch has learned, and there may be more on the way.

The company had not widely communicated the extent of Monday’s layoffs internally, leaving employees to speculate on the exact number of co-workers laid off in this most recent downsizing. A source close to the company noted that there was a reduction of 7%, or 68 members, in Gemini’s companywide Slack channel Monday morning.

Gemini has not yet responded to a request for comment.

Some venture investors are doubling down on crypto despite an unknown recovery timeline

The same source, who spoke with TechCrunch under the condition of public anonymity, said that the company was laying off staff due to what it described as “extreme cost cutting.”

Last week, an internal operating plan document was shared around the office and on an anonymous professional network Blind on July 14, but taken down shortly after, the source shared. The document highlighted a plan that would take the company to about 800 employees, which was around 15% fewer than the 950 employees at the time.

“It’s come to my attention that at least one team member thinks it’s a good idea to post a snippet of our technology operating plan on a third party website (Blind),” Cameron Winklevoss, co-founder of Gemini, wrote in a Slack message at the time. “Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here.”

Despite falling NFT sales volume, there’s more underlying strength to the market than you’d think

TechCrunch viewed an image of the Slack message in question. Winklevoss also said that the message was a “friendly reminder that Karma is the blockchain of the universe — an immutable ledger that keeps track of positive and negative behavior.”

“We are going to the moon. We are going to need cosmic consciousness to get there. Earthly consciousness will not be enough,” Winklevoss added. “If you are exhibiting the behavior of a first-time human, time to level-up or respectively bow out, if for no other reason but to avoid an expensive bill in the future.”

In recent months, a wave of crypto-focused companies have laid off employees. Last week, NFT marketplace OpenSea reduced its staff by 20%. A number of other firms including Crypto.com, Coinbase and Bybit also cut staff amid crypto market volatility.

This is a developing story and will be updated if new information becomes available.

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