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Gemini led another series of dismissals, according to a report from Techcrunch. The company has reduced its workforce by an additional 7% as the effects of crypto winter continue to hit.
The Gemini Crypto Exchange performed another series of redundancies, according to techcrunch, which reported on the evolution on jul. 18. The exchange had previously laid off employees in June 2022, following the market crash.
Gemini is shutting down the personnel.
Sources close to TechCrunch said that this round of layoffs saw 7% of employees let go. The stock exchange did not comment publicly on the issue, and the source indicated that there were fewer members on the free channel of the business as evidence.
The Techcrunch report also references a leaked document last week that the number of employees in the company would increase to 800. Co-founder Cameron Winklevoss criticized the leak as "crippling.”
Gemini is also in a bit of trouble with the regulators, as the Commodity Futures Trading Commission has sued the exchange for “false or misleading statements” related to its bitcoin futures product. The surveys were initially tabled in 2017.
The winter of cryptography begins to wreak havoc on many established platforms. The unavoidable regulation on which legislators are working also plays a role in the way the future of cryptography unfolds.
Hard knocks
Cutting costs is becoming a standard in the area of cryptography, as businesses are facing the challenges of the cryptography winter. Gemini is far from the only exchange to cut down on its staff, as Coinbase has also done the same. Interestingly, Binance is looking to expand even more, relying on its sizable treasure chest to support its growth.
The nft market, which was extremely successful at the beginning of the year, was also hit hard. Trading volumes are down, and NFT marketplaceOpenSea has had to cut its staff by
crypto winter could last for many more months, as the effects are quite spread and looming regulation bearing down on the market. Currently, Bitcoin has gone from undermarket to $20,000, which offers a bit of hope.
