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 May 9, 2023 at 4:06 a.m. UTC

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.)

  • Spot Ether ETFs Sees More Than $1B of Trading Volume; Ferrari to Accept Crypto Payments in Europe
    02:17
    Spot Ether ETFs Sees More Than $1B of Trading Volume; Ferrari to Accept Crypto Payments in Europe
  • Copper-to-Gold Ratio Drops, What Does This Mean for Crypto?
    00:51
    Copper-to-Gold Ratio Drops, What Does This Mean for Crypto?
  • U.S. Presidential Election Will Now Be a 'Very Competitive' Race: Kevin O'Leary
    00:58
    U.S. Presidential Election Will Now Be a 'Very Competitive' Race: Kevin O'Leary
  • SEC's Gensler Was 'Consistent' Despite Being 'Fried Like a Chicken' Before the Senate: Kevin O'Leary
    00:59
    SEC's Gensler Was 'Consistent' Despite Being 'Fried Like a Chicken' Before the Senate: Kevin O'Leary
  • “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.


    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nelson Wang

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


    Read more about