Cryptocurrency exchange Gemini is making its third round of layoffs in eight months, cutting staff by 10%, according to a report by The Information.
The company, which was founded by twin brothers and former US Olympians Cameron and Tyler Winklevoss, has been under intense pressure recently due to a dispute with Genesis.
The dispute centers around a large sum of money that Genesis owes to Gemini, which is its largest creditor. According to a creditor protection petition filed by Genesis last week, the company owes $765.9 million to Gemini.
The Winklevoss brothers, who also run a venture capital firm focused on blockchain and cryptocurrency startups, have been investing heavily in their exchange in recent years, with the goal of making Gemini one of the most reputable and secure exchanges in the industry.
However, the ongoing dispute with Genesis has put a strain on the company’s resources and has forced them to make difficult decisions, such as layoffs.
The layoffs come amid a broader trend of cost-cutting measures in the cryptocurrency industry, as companies struggle to navigate a challenging market environment. With the price of Bitcoin and other cryptocurrencies experiencing a significant decline in recent months, many companies have been forced to reduce expenses in order to stay afloat.
Despite the layoffs and ongoing dispute with Genesis, the Winklevoss brothers have stated that they remain committed to building Gemini into a leading cryptocurrency exchange, and that they are optimistic about the long-term prospects of the industry. They believe that the current market conditions are temporary and that the adoption of cryptocurrency will continue to grow in the coming years.