Cryptocurrency exchange and custodian Gemini said that it will lay off about 10% of its employees, citing “turbulent market conditions that are likely to persist for some time.”
- The firm, led by billionaire twins Cameron and Tyler Winklevoss, made the announcement in a blog post on Thursday morning.
- The crypto industry is currently in a “contraction phase that is settling into a period of stasis,” also known as a “crypto winter,” according to their comments. “This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone,” the twins added.
- Some industry competitors have adjusted hiring plans amid the market rout.
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