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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.