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Geminis, that is
cryptocurrency exchange
Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of multiple currencies for cryptocurrencies or digital assets. Comparable to general financial exchanges, the core function of crypto exchanges is to allow and encourage the buying and selling of cryptos. This is achieved by producing a stable trading environment suitable for traders nesting through various locations around the world. Sometimes crypto exchanges may be referred to as digital currency exchanges (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of multiple currencies for cryptocurrencies or digital assets. Comparable to general financial exchanges, the core function of crypto exchanges is to allow and encourage the buying and selling of cryptos. This is achieved by producing a stable trading environment suitable for traders nesting through various locations around the world. Sometimes crypto exchanges may be referred to as digital currency exchanges (DCE) f
According to an internal message seen by The Information, the company, which is managed by Tayler and Cameron Winklevoss, will lay off a tenth of its current workforce. The news was distributed Monday through the company’s Slack and confirmed separately by CNBC in an interview with a company spokesperson.
Gemini had about 1,000 employees in November, after laying off about 7% of its workforce in July and cutting 10% of its workforce the month before. “It was our hope to avoid further reductions after this summer, however, the persistent negative macroeconomic conditions and unprecedented fraud by bad actors in our industry have left us with no other choice but to revise our outlook. and reducing headcount further,” wrote Cameron Winklevoss. in a Slack message seen by The Information.
Gemini Troubles Build Up
Even though the crypto market is still near its long-term minimum, low prices are one of Gemini’s newest concerns. The platform is facing a court battle with the US
Securities and Exchange Commission (SEC ) for allegedly selling unregistered securities in connection with his partnership with Genesis, the bankrupt company of Barry Silbert.
1/ Get Updates: Tonight, Genesis Global Capital, LLC (Genesis) filed for bankruptcy under Chapter 11. This is an important step in order for us to recover your assets.
—Cameron Winklevoss (@cameron) January 20, 2023
The lender generates sizeable profits for Gemini customers through Gemini Earn, a high yield platform product. However, the relationship between the two companies was badly damaged when the FTX exchange filed for bankruptcy. Genesis froze loans and redemptions, leaving the Winklevoss brothers’ exchange customers without nearly $900 million.
That forced a large group of the exchange’s 340,000 customers to take matters into their own hands. They filed a class action lawsuit against the exchange. Meanwhile, Genesis has filed for bankruptcy protection, with Gemini listed as the largest creditor with $765.9 million.
Watch the recent FMLS22 panel on reimagining the structure of the crypto market.
Industry Feels Crypto Blues
While Gemini is laying off employees for the third time in a short time, other cryptocurrency companies have also opted to cut jobs to optimize costs.
A week ago, ConsenSys, a cryptocurrency software company, confirmed its plans to cut 11% of its current workforce, meaning nearly 100 positions. The company wants to focus on its core business and increase existing productivity.
A similar plan was announced by exchange Coinbase, which intends to lay off about 20%, or 950 people. This is part of a restructuring effort expected to be completed in the second quarter, costing the platform up to $164 million.
Blockchain.com, a cryptocurrency exchange headquartered in Luxembourg, decided to cut 25% of its workforce last year. The largest number of affected employees live in Argentina, where the platform is closing its offices. In total, about 150 people lost their jobs.
As of 2023, bitcoin has grown by more than 20%, with the total digital asset market capitalization rising above $1 trillion. The question is, will this be enough for the industry to forget the upheaval caused by the collapse of FTX and the Terra ecosystem last year.
Geminis, that is
cryptocurrency exchange owned by twin Winklevoss, will reduce its workforce by another 10%, making it the third time in seven months to lay off. Despite the surging cryptocurrency prices in 2023, the crypto winter continues, with more companies announcing layoffs in the sector.
According to an internal message seen by The Information, the company, which is managed by Tayler and Cameron Winklevoss, will lay off a tenth of its current workforce. The news was distributed Monday through the company’s Slack and confirmed separately by CNBC in an interview with a company spokesperson.
Gemini had about 1,000 employees in November, after laying off about 7% of its workforce in July and cutting 10% of its workforce the month before. “It was our hope to avoid further reductions after this summer, however, the persistent negative macroeconomic conditions and unprecedented fraud by bad actors in our industry have left us with no other choice but to revise our outlook. and reducing headcount further,” wrote Cameron Winklevoss. in a Slack message seen by The Information.
Gemini Troubles Build Up
Even though the crypto market is still near its long-term minimum, low prices are one of Gemini’s newest concerns. The platform is facing a court battle with the US
Securities and Exchange Commission (SEC ) for allegedly selling unregistered securities in connection with his partnership with Genesis, the bankrupt company of Barry Silbert.
1/ Get Updates: Tonight, Genesis Global Capital, LLC (Genesis) filed for bankruptcy under Chapter 11. This is an important step in order for us to recover your assets.
—Cameron Winklevoss (@cameron) January 20, 2023
The lender generates sizeable profits for Gemini customers through Gemini Earn, a high yield platform product. However, the relationship between the two companies was badly damaged when the FTX exchange filed for bankruptcy. Genesis froze loans and redemptions, leaving the Winklevoss brothers’ exchange customers without nearly $900 million.
That forced a large group of the exchange’s 340,000 customers to take matters into their own hands. They filed a class action lawsuit against the exchange. Meanwhile, Genesis has filed for bankruptcy protection, with Gemini listed as the largest creditor with $765.9 million.
Watch the recent FMLS22 panel on the reimagining of the crypto market structure.
Industry Feels Crypto Blues
While Gemini is laying off employees for the third time in a short time, other cryptocurrency companies have also opted to cut jobs to optimize costs.
A week ago, ConsenSys, a cryptocurrency software company, confirmed its plans to cut 11% of its current workforce, meaning nearly 100 positions. The company wants to focus on its core business and increase existing productivity.
A similar plan was announced by exchange Coinbase, which intends to lay off about 20%, or 950 people. This is part of a restructuring effort expected to be completed in the second quarter, costing the platform up to $164 million.
Blockchain.com, a cryptocurrency exchange headquartered in Luxembourg, decided to cut 25% of its workforce last year. The largest number of affected employees live in Argentina, where the platform is closing its offices. In total, about 150 people lost their jobs.
As of 2023, bitcoin has grown by more than 20%, with the total digital asset market capitalization rising above $1 trillion. The question is, will this be enough for the industry to forget the upheaval caused by the collapse of FTX and the Terra ecosystem last year.
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