Gemini Cuts 10% of Staff Due to Global Economic Crisis and Crypto Fraud

• Crypto exchange Gemini is set to cut 10% of its staff due to macroeconomic conditions and industry fraud.
• This marks the third major layoff in the past 8 months, with previous cuts of 10% and 15% due to market conditions.
• Gemini was forced to end its Earn product after a public spat with bankrupt crypto lender Genesis and its parent company Digital Currency Group (DCG).

Crypto exchange Gemini is the latest firm to be adversely affected by the macroeconomic conditions of the global marketplace, announcing a 10% cut in its staff. This marks the third major layoff in the past 8 months, following previous cuts of 10% and 15% due to market conditions.

Gemini co-founder Cameron Winklevoss blamed the latest layoff decision on „persistent negative macroeconomic conditions“ and „unprecedented fraud“ within the crypto industry. Winklevoss said the exchange was left „with no other choice but to revise our outlook and further reduce headcount.“

The crypto exchange also had to face a public spat with bankrupt crypto lender Genesis and its parent company Digital Currency Group (DCG), which forced them to end their Earn product. Gemini claims the lender owes its Earn user $900 million; however, Genesis court filing pegged the debt at $765.9 million.

The current market conditions have made it difficult for many crypto firms to thrive, as the pandemic has caused a global economic crisis. Gemini is yet another example of how the pandemic has affected the crypto industry, and the exchange is not alone in its struggles. Many other crypto companies have had to make cuts in order to stay afloat, and many more will likely follow suit in the near future.

The crypto industry is still in its infancy, and the current economic conditions have made it even more difficult for firms to survive. Despite the challenges, many firms have managed to stay afloat and have even grown despite the difficult times. As the industry continues to mature, it is likely that more firms will be able to weather the storm and continue to innovate and expand.