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Crypto exchange Gemini to lay off 10% of its workforce

Lucinda Shen
Jun 2, 2022
Illustration of a cardboard box full of cursors.
Illustration: Aïda Amer/Axios

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is laying off about 10% of its workforce Thursday, citing the “crypto winter.”

Why it matters: The news is a sign that even the enormous amount of dry powder in crypto won’t be enough to fully protect the industry from the market’s downturn.

This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter,’” the brothers wrote. “This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”

Context: That ominous statement, “we are not alone,” is true. Crypto exchanges have been among the most visibly hit by the combination of interest rate hikes, a return back to semi-normal, and geopolitical shocks.

  • Latin America-focused Bitso laid off 80 employees earlier this month.
  • Coinbase, after emphasizing plans to grow this year, later said it would slow its hiring plans two weeks ago.

Details: In a blog post on Gemini’s website, the Winklevoss brothers said that affected employees will today receive a calendar inviting them to one-on-one conversations about their separation and healthcare benefits.

  • Gemini did not disclose its employee count, though over 1,000 on LinkedIn claim to work there.
  • On an odd note, the company has also shut its physical offices today, so that the talks will be held remotely and “protect the privacy” of employees.
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