Crypto Exchange Gemini Cutting Another 10% of Staff: Report

Gemini has been swept up in the problems of crypto lender Genesis Global Capital, with which it partnered on an interest-earning product.

AccessTimeIconJan 23, 2023 at 5:31 p.m. UTC
Updated Jan 23, 2023 at 7:28 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

In at least its third round of layoffs since June, crypto exchange Gemini is shedding another 10% of its staff, according to an internal message viewed by The Information.

Gemini has been swept up in the bankruptcy of crypto lender Genesis Global Capital and has been unable to pay out funds to its Earn account holders. Gemini's founders, Cameron and Tyler Winklevoss, have engaged in a Twitter war with Digital Currency Group, the parent company of Genesis, over the $900 million owed to Earn customers. (DCG is also the parent company of CoinDesk.)

“It was our hope to avoid further reductions after this summer, however, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount,” wrote Cameron Winklevoss, the president and co-founder of Gemini, in the internal message.

Gemini declined to comment on this story.

Gemini had previously cut 10% of its staff in June, followed by more layoffs in July, according to TechCrunch. Gemini’s headcount was down overall from 1,100 at the start of 2022 to between 650 and 700 people near the end of the year, according to The Information.

Many large crypto companies, including Coinbase, Crypto.com, Blockchain.com and ConsenSys, have cut staff in recent weeks amid the ongoing crypto winter. CoinDesk estimates nearly 27,000 jobs have been lost across the industry since April of last year.

UPDATE (Jan. 23, 17:56 UTC): Adds additional context and background on other crypto layoffs.

UPDATE (Jan. 23, 18:35 UTC): Adds Gemini declining to comment.



Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.