Just Seven Weeks After Gemini Crypto Exchange cut about 10% of its workforce due to “turbulent market conditions”, the startup has made a second round of layoffs, TechCrunch has learned, and there may be more on the way.
The company had not widely communicated the extent of Monday’s layoffs internally, leaving employees to speculate on the exact number of colleagues laid off in this latest downsizing. A source close to the company noted that there had been a reduction of 7%, or 68 members, in Gemini’s company-wide Slack channel on Monday morning.
Gemini has not yet responded to a request for comment.
The same source, who spoke to TechCrunch on condition of public anonymity, said the company was laying off staff due to what it described as “extreme cost-cutting.”
Last week, an internal operating plan document was shared around the office and on an anonymous professional network Blind on July 14, but taken down shortly after, the source shared. The document highlighted a plan that would grow the company to around 800 employees, about 15% down from the 950 employees at the time.
“It has come to my attention that at least one member of the team thinks it is a good idea to post an excerpt from our technology exploitation plan on a third-party (Blind) website,” Cameron wrote. Winklevoss, co-founder of Gemini, in a Slack message. at the time. “Wow, super dumb…if you divulge information about the company, you are showing a low level of awareness and respect for other members of your team who greatly benefit from the openness we are trying to create and favor here.”
TechCrunch viewed an image of the Slack message in question. Winklevoss also said the message was a “friendly reminder that Karma is the blockchain of the universe – an immutable ledger that keeps track of positive and negative behavior.”
“We are going to the moon. We’re going to need cosmic consciousness to get there. Earth consciousness will not suffice,” Winklevoss added. “If you’re exhibiting human behavior for the first time, it’s time to upgrade or retire respectively, if only to avoid a costly bill in the future.”
In recent months, a wave of crypto-focused companies has laid off employees. Last week, the NFT market OpenSea has reduced its workforce by 20%. A number of other companies, including Crypto.com, Coinbase and per bit also cut staff amid crypto market volatility.
This is a developing story and will be updated as new information becomes available.