Crypto companies are in deep trouble right now. Most of them are cutting costs by laying off staff, reducing incentives, and even increasing fees. Gemini, a popular crypto exchange, is one of them. A few weeks back, they laid off nearly 10% of their workforce because of the bad market conditions. And now reports suggest that Gemini lays off another 7% of its workforce which is almost 70 employees. The source of this report was not disclosed by Techcrunch, who reported the news.
Gemini is going too far
It is understandable that companies want to cut costs and ensure that they are able to keep operating despite the market conditions. However, laying off employees should always be the last resort for that. Just 2 months after its first round of layoffs, Gemini did it again. Techcrunch’s source said that Gemini is going for “extreme cost-cutting” by laying off staff.
Gemini is planning to hit the employee count of 800 by laying off staff from the current total of 950 employees. This was founded in an internal document that was shared in the company’s office and also on the networking website Blind. The document was most probably shared by one of their employees, which made the co-founder of Gemini quite unhappy.
Cameron Winklevoss said, “if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members.” Their goal with sharing details even about layoffs openly was to ensure that a level of openness is created in the company. He also talked about karma and said that whoever did this might have to pay an expensive bill in the future.
They are not the only one
Due to the very nature of crypto markets right now, companies are forced to lay off employees and cut costs. During the bull run, there is so much demand and development that companies hire like maniacs; however, as soon as the bear market blues kick in, these things happen. And it is not just one or two companies. The problem of layoffs is prevalent in almost all major platforms.
What are your thoughts as Gemini lays off another 7% of its workforce? And do you think that the exchange is going too far with this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: USA ties with Germany as the most crypto-friendly country: Report.
