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Gemini quietly turned down more than 60 other workers, according to the source

Crypto winter has arrived, and Gemini is figuring out how to do “extreme cost-cutting”—and stealthily—.

On July 18, 2022, an anonymous source linked to the Gemini cryptocurrency exchange said that the company has laid off 7% of its workforce.

The source, who spoke to tech media outlet TechCrunch, says that Gemini has laid off at least 68 workers in a frivolous manner. The source found this out because the workers were no longer on the company’s Slack team.

So far, Gemini has not confirmed or denied the news; However, according to an anonymous source, the crypto exchange is taking “extreme cost-cutting” methods to survive the crypto winter.

Gemini can prepare for further layoffs

According to a document obtained by TechCrunch, Gemini will likely add 150 employees, or 15% of the existing 950 employees.

The document leaked by one of the employees caught the attention of Cameron Winklevoss, Gemini’s co-founder, who absentmindedly wrote that it was “lame” that one of his employees leaked this kind of information on the web, as it shows how little respect he has for his colleagues.

“Well, that’s lame… if you’re leaking company information, you’re showing a low level of awareness and respect for your team members who benefit greatly from the lack of respect. openness that we are trying to create and promote here.”

Gemini has not released an official statement regarding the leak.

Crypto winter continues to wreak havoc on the crypto community

Although today the crypto market has returned to a trillion dollar cap thanks to the skyrocketing prices of Bitcoin (BTC) and Ethereum (ETH), it is still too early to declare victory, as some reports Reports from Finbold and Bloomberg indicate that Bitcoin has not bottomed yet and it will take several months for the market to recover.

As a result, several crypto exchanges, including Bitmex, Coinbase, FTX, and Crypto.com, have made massive layoffs over the past few months in response to adverse bear market conditions that have had may take longer than expected.

As Cryptopotato recently reported, Coinbase, one of the world’s largest cryptocurrency exchanges, had to lay off more than 1,000 workers representing 18% of the company’s workforce due to the great economic downturn. that the country is facing. However, the company is accelerating its expansion to Europe as part of its growth plans.

Currently, Kraken and Binance appear to be the only major crypto companies that continue to hire staff despite the possibility of a global macroeconomic downturn.

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