According to co-founder and twin brothers, Tyler and Cameron Winklevoss, the company has cut 10% of its workforce. The duo attributed the layoffs tourbulent market conditions that are likely to continue for some time.
There will be a separation package for employees. The company closed its physical offices in order to protect the privacy of impacted individuals. Everyone will be treated with compassion and respect.
The market is in a state of change. Bitso let go 80 employees last week, and other major companies have slowed hiring in response to the price downturn.
Exchanges may be hit the hardest by a recent decrease in trading volumes from retail investors. Fidelity's digital asset arm said this week that it will double the number of employees this year to meet growing demand. FTX is giving the impression of playing offense as it expands into equities trading and looks to acquire an Indian gaming startup. FTX was worth $32 billion at the beginning of the year.
Despite reacting to the market changes, the co- founders of Gemini addressed that there is a bit of expected volatility.
The path can be described as a series of periods of equilibrium or stasis that are interrupted by dramatic moments of growth, followed by a new equilibrium that is higher than the one before, according to the co-founders. They say that the contraction phase has begun and that it is related to the current macroeconomic and geopolitics.
The company raised $400 million in a growth equity round last year. The startup acquired Blockrize and teased plans to launch a credit card with rewards. It is not known if the layoffs affect the Blockrize team or how it affects the product roadmap.
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