Gemini Trust Co is laying off 10% of staff. Billionaire brothers, Tyler and Cameron Winklevoss, President and CEO of Gemini said that the layoff is an effort to help the firm weather “crypto winter.”
The brothers said they still believed in the “crypto revolution” but said its current trajectory has forced them to reevaluate the size of their workforce.
All of the firm’s physical offices have been closed. The brothers wrote in a memo that laid-off employees will have one-on-one meetings with their managers to discuss severance packages.
The latest contraction has caused the global crypto market cap to fall from its November high of $2.9 trillion to $1.2 billion today.
On Thursday morning, Gemini was the ninth-largest spot crypto exchange, according to CoinMarketCap, having seen $125 million in volume over the past day.
The third-largest cryptocurrency exchange, which did $2.4 billion in volume over the past day, has seen its share price shed 71% since its initial public offering last April.
On Thursday morning, it was trading at $68.63 per share.
