Bear market hits harder on Gemini as it dismisses more employees

Amid the bear market, popular cryptocurrency exchange and custodian Gemini has reportedly laid off more employees. A source close to the company claimed there would be more reduction in the days ahead due to the exchange’s so-called “extreme cost cutting” plan, TechCrunch reported on Monday. 

Gemini targets 800 employee headcount

Early in June, the Winklevoss-owned cryptocurrency exchange dismissed about 10% of its workforce because of the “turbulent market conditions,” which the founders, Cameron and Tyler, said are “likely to persist for some time.” 

In this round, the company laid off about 7% or 68 persons, according to the source. However, Gemini has yet to disclose the exact number of employees dismissed this week. 

The source cited a document that was shared around the office last week, which conveyed the exchange plan of “extreme cost cutting.” The document revealed that Gemini is targeting to reduce its global workforce from 950 employees at the time to 800 employees, meaning it might lay off more people in the coming weeks or months. 

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). […] 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.

Cameron Winklevoss.

BlockFi offers employees a 10-week payment to leave

Gemini is not the only cryptocurrency company feeling the pressure from this bear market. Several other major companies, including Coinbase, Crypto.com, etc., have all reduced their workforce. 

More recently, cryptocurrency lending company BlockFi introduced a different program to enable its employees to exit the firm voluntarily. The firm now pledges a “10 weeks paid leave and 10 weeks of continued health insurance” for any employee that resigns.