A source in connection with TechCrunch told the publication that the layoffs were being executed due to “extreme cost-cutting.” The publication also added that there might be more layoffs in the coming future.
TechCrunch reported that although employees were not aware of the extent of the layoffs, the same source noted in Gemini’s companywide Slack channel that there was a reduction of 7% or 68 members.
Previously, a document which was shared around Gemini’s office and an anonymous professional network, Blind, on July 14 highlighted a plan that would trim the workforce to around 800 – or a 15% decrease from the 950 employees at the time – TechCrunch reported citing the source.
In June, the crypto exchange executed its first layoff since its inception in 2014, with 10% of its workforce being slashed as the founders cited a “crypto winter”.
Layoffs in the crypto industry are turning into a trend as prior to Gemini. Last week, popular non-fungible token (NFT) marketplace OpenSea cut its employee headcount by about 20%. OpenSea, one of the largest marketplaces for NFTs, suggested that about 57 people will be laid off as it said it now has 230 employees.
While other top crypto firms such as Crypto.com, BlockFi and Coinbase are other victims of the crypto winter and have had to reduce the scale of staff recently.
According to a report from Blockchain.News, crypto exchange Crypto.com and lending platform BlockFi also announced in early June plans to cut over 400 jobs globally due to the pressure from challenging market conditions.
Crypto.com had said it would reduce its workforce by 5%, which is about 260 employees, while BlockFi announced a 20% layoff of its workforce, which is around 170 people.
Meanwhile, U.S. cryptocurrency exchange Coinbase reduced staff by 18% in mid-June, and the firm’s shares fell to nearly 79% throughout this year.
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