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Thursday, December 01 2022
Finance

Crypto exchange Gemini lays off more employees in 2nd round

Crypto exchange Gemini lays off more employees in 2nd round
Photo Credit : IANS

New Delhi: After terminating nearly 10 per cent of staff some time back owing to “turbulent market conditions'”, crypto exchange Gemini has laid off more employees in the second round of layoffs.

According to TechCrunch, the company laid off 7 per cent, or 68 employees, in the second round on Monday.

Gemini is likely to lay off more employees in the next rounds, according to the report.

The company did not reveal the extent of fresh downsizing internally and was yet to make it official.

Several crypto platforms and exchanges have laid off employees as the global crypto market goes through a meltdown.

Last week, non-fungible token (NFT) marketplace OpenSea’s co-founder and CEO Devin Finzer announced that the platform is laying off about 20 per cent of its total employees.

Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has filed for bankruptcy in the US amid extreme market conditions.

The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown.

Meanwhile, the founders of another bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts.

The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.

3AC defaulted on a more than $650 million loan provided by crypto broker Voyager Digital, which has also filed for bankruptcy.

Last month, cryptocurrency exchange Vauld decided to reduce its headcount by about 30 per cent.

Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including Coinbase, Gemini, Crypto.com and others announced to downsize their workforce.

Read more:

Cryptocurrency exchange Vauld cuts workforce by 30 per cent

Cryptocurrency not being planned, says Govt

Mark Zuckerberg’s cryptocurrency dream is over

US says 3rd-largest cryptocurrency is a security, not currency

Trump campaign website hacked with cryptocurrency scam

 

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