Winklevoss twins laid off 10% of the workforce at Gemini, crypto winter is coming

Billionaire Bitcoiners Cameron and Tyler Winklevoss are laying off 10% of the workforce at Gemini, a first for the U.S.-based cryptocurrency exchange and custodian.

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Winklevoss twins’ Gemini cutting 10% of its staff, saying ‘crypto winter’ is here

According to the blog post, the twins argue that the crypto market is in a “contraction phase” known as “crypto winter,” which has been “further compounded by the current macroeconomic and geopolitical turmoil.”

“We are not alone,” billionaire Bitcoiners Cameron and Tyler Winklevoss said. Fellow crypto exchange Coinbase recently reported that revenue had fallen 27% from a year ago, as had overall usage. The crypto market suffered over half a trillion dollars in damage as terraUSD collapsed almost overnight. It is unclear whether this recent journey will mark the next crypto winter, although the drop in trading volume on crypto exchanges is a sign that we may be headed in the right direction.

“Crypto winter is here”, said the Winklevoss twins. The last so-called crypto winter took place from 2018 to the fall of 2020 when the value of cryptocurrencies dropped and layoffs were rife.

Gemini has 1,033 employees on the payroll, which is about 100 employees affected by today’s layoffs. Next, Gemini closed its physical offices today to protect employee privacy. Affected team members will receive calendar invitations to individual chats about separation packages and healthcare benefits. The remaining employees will participate in a companywide meeting to talk about the future of the company.

“Today is a tough day, but one that will make Gemini better over the long run,” the brothers wrote in the staffwide memo.

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