Major crypto firms reportedly cut up to 10% of staff amid bear market

Gemini, a cryptocurrency trading platform, was founded by Tyler Winklevoss and Cameron Winklevoss. It is the latest industry company to lose a large portion of its workforce due to adverse market conditions.

According to Bloomberg, Winklevoss’ crypto trust Gemini Trust had to lay off 10% of its employees due to the bear market. The founders sent a notice on June 2 to employees.

Gemini will focus on products that are “critical” as part of its first major headcount reduction. The brothers stated that this is because “turbulent market conditions are likely to persist for some while.”

“This is the current situation, in the contraction phase. This is what our industry calls “crypto winter.” […] All of this has been further exacerbated by current geopolitical and macroeconomic turmoil. We are not the only ones.”

This new report follows a series of industry-leading companies that have either laid off employees or made new hires. The Coinbase exchange announced in May that it would reduce its hiring efforts and reassess its workforce to ensure it continued operating as planned.

Robinhood, a major crypto-friendly trading platform, had previously laid off 9% of its employees. Robinhood’s HOOD stock hit all-time lows in the context of a long-term bear market in crypto markets.

These layoffs in the crypto industry are not new. Major crypto markets such as Bitcoin (BTC), have historically moved in cycles. Larger gains were preceded by major bear markets. ConsenSys, an industry firm, announced plans to hire 600 people in the aftermath of a bear market for crypto in 2018.

Related: Crypto job market holds up despite tech industry cuts

Some sources say that the current state of the crypto job market is not too bad. Cointelegraph was told by a spokesperson for the FTX cryptocurrency exchange that they have not laid off any of their 175 global employees or 75 US employees.

Anthony Pompliano, a Bitcoin influencer, has created a crypto hiring website that states executives in the blockchain and crypto industry are still seeking to hire. The PompCryptoJobs website lists approximately 600 positions as of the writing. According to the official job postings website of Binance, the major crypto exchange worldwide is seeking to hire almost 1,000 employees.

Cointelegraph did not receive a response from Gemini immediately to our request for comment.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami