Gemini cited the cryptocurrency downturn along with macroeconomic market conditions.
Cryptocurrency exchange and custodian Gemini said that it will lay off about 10% of its employees, citing “turbulent market conditions that are likely to persist for some time.”
The firm, led by billionaire twins Cameron and Tyler Winklevoss, made the announcement in a blog post on Thursday morning.
The crypto industry is currently in a “contraction phase that is settling into a period of stasis,” also known as a “crypto winter,” according to their comments. “This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone,” the twins added.
Some industry competitors have adjusted hiring plans amid the market rout.
Last month, Coinbase (COIN) said that it will slow down hiring and reassess headcount needs. Meanwhile, Fidelity Digital Assets plans to double its headcount this year to meet the growing demand for crypto trading from institutional investors, according to a recent report.
Supplier intelligence company Craft says Gemini has around 1,000 employees, while LinkedIn pegs their headcount between 501-1,000.