{"id":248990,"date":"2022-07-19T13:40:47","date_gmt":"2022-07-19T12:40:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=248990"},"modified":"2022-07-19T12:47:07","modified_gmt":"2022-07-19T11:47:07","slug":"gemini-announces-another-15-reduction-in-staff-amid-crypto-winter","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/gemini-announces-another-15-reduction-in-staff-amid-crypto-winter\/","title":{"rendered":"Gemini eyes further staff cuts to control costs amid crypto winter"},"content":{"rendered":"<p>Seven weeks after announcing a <a href=\"https:\/\/cryptoslate.com\/gemini-reducing-staff-by-10-to-survive-crypto-winter\/\">10% headcount<\/a> reduction to survive the winter, crypto exchange <a href=\"https:\/\/cryptoslate.com\/companies\/gemini\/\">Gemini<\/a> is going for the second round of layoffs to fire another 15%, to cut the costs even more, <a href=\"https:\/\/techcrunch.com\/2022\/07\/18\/crypto-exchange-gemini-executes-second-round-of-layoffs-less-than-two-months-after-axing-10-of-staff\/\"><em>TechCrunch<\/em><\/a> reported, citing sources.<\/p>\n<p>Sources told <em>TechCrunch<\/em> that 68 people \u2014 roughly 7% of staff \u2014 have been removed from the company's Slack group. Gemini founders\u00a0 <a href=\"https:\/\/cryptoslate.com\/people\/cameron-winklevoss\/\">Cameron<\/a>\u00a0and\u00a0<a href=\"https:\/\/cryptoslate.com\/people\/tyler-winklevoss\/\">Tyler Winklevoss<\/a> did not comment on the subject yet.<\/p>\n<h2>Second round of layoffs<\/h2>\n<p>An internal re-planning document was leaked to an anonymous website on July 14, and it outlined a plan to reduce headcount by 15% to 800 from the current 950.<\/p>\n<p>The leak was also noticed by Cameron Winklevoss, who sent a reprimanding message to the company's Slack group. He wrote:<\/p>\n<blockquote><p>\u201cIt\u2019s come to my attention that at least one team member thinks it\u2019s a good idea to post a snippet of our technology operating plan on a third party website (Blind). Wow, super lame \u2026 if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here.\u201d<\/p><\/blockquote>\n<p>He also added that Gemini was aiming for the moon and needed a cosmic consciousness to do that. Winklevoss warned all employees without such an approach to &#8220;level-up or respectively bow out.&#8221;<\/p>\n<h2>Gemini in winter conditions<\/h2>\n<p>A firing spree in the cryptosphere started with Gemini's first layoff announcement in early June. Soon after, many crypto companies announced they were downsizing, including <a href=\"https:\/\/cryptoslate.com\/coinbase-un-hires-new-recruits-due-to-market-conditions\/\">Coinbase<\/a>, <a href=\"https:\/\/cryptoslate.com\/crypto-com-will-fire-260-people-shrinking-by-5\/\">Crypto.com<\/a>, <a href=\"https:\/\/techcrunch.com\/2022\/04\/26\/robinhood-to-lay-off-9-of-full-time-employees\/\">Robinhood<\/a>, <a href=\"https:\/\/cryptoslate.com\/finra-ceo-welcomes-crypto-employees-who-were-laid-off-as-agency-increases-focus-on-digital-assets\/\">BlockFi<\/a>, and <a href=\"https:\/\/techcrunch.com\/2022\/04\/04\/bitmex-crypto-exchange-lays-off-a-quarter-of-staff-after-failed-acquisition\/\">Bitmex<\/a>.<\/p>\n<p>Meanwhile, the U.S. Financial Industry Regulatory Authority (FINRA) <a href=\"https:\/\/cryptoslate.com\/finra-ceo-welcomes-crypto-employees-who-were-laid-off-as-agency-increases-focus-on-digital-assets\/\">announced<\/a> it is on the lookout to hire people who a crypto firm recently laid off.<\/p>\n<p>Even though Gemini is said to go for a second firing round now, the Winklevoss twins appeared very bullish on their investments during the early days of the bear market.<\/p>\n<p>In May 2022, the twins said they have been investing in new start-ups despite the bearish sentiment. Even though they knew most of these investments would go to waste, they continued regardless because the ones that survived would provide great returns.<\/p>\n<p>The brothers posted tweets promoting Bitcoin, while Cameron Winklevoss said:<\/p>\n<blockquote><p>\u201cWe believe in investing in the next generation of builders and visionaries who are pushing the boundaries of what\u2019s possible.&#8221;<\/p><\/blockquote>\n<p>The twins have a combined fortune of \u00a0<a href=\"https:\/\/www.bloomberg.com\/billionaires\/\">$6,4 <\/a>billion and have never had to reduce staff since 2014 when they launched Gemini.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seven weeks after announcing a 10% headcount reduction to survive the winter, crypto exchange Gemini is going for the second round of layoffs to fire another 15%, to cut the costs even more, TechCrunch reported, citing sources. Sources told TechCrunch that 68 people \u2014 roughly 7% of staff \u2014 have been removed from the company&#8217;s [&hellip;]<\/p>\n","protected":false},"author":1262,"featured_media":249057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77873,39],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gemini eyes further staff cuts to control costs amid crypto winter<\/title>\n<meta name=\"description\" content=\"Reportedly, crypto exchange Gemini is going for a second round of layoffs to further cut costs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/gemini-announces-another-15-reduction-in-staff-amid-crypto-winter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gemini eyes further staff cuts to control costs amid crypto winter\" \/>\n<meta property=\"og:description\" content=\"Reportedly, crypto exchange Gemini is going for a second round of layoffs to further cut costs.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/gemini-announces-another-15-reduction-in-staff-amid-crypto-winter\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-19T12:40:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-19T11:47:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/07\/image_2022-07-19_164647333.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Zeynep Geylan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeynep Geylan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/gemini-announces-another-15-reduction-in-staff-amid-crypto-winter\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/gemini-announces-another-15-reduction-in-staff-amid-crypto-winter\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#person\",\"name\":\"Zeynep Geylan\",\"url\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"caption\":\"Zeynep Geylan\"},\"jobTitle\":\"Journalist\",\"description\":\"Zeynep is an academic who turned to crypto in 2018. 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