Currently, crypto firms are in dire straits. The majority of them are reducing expenses by laying off employees, decreasing incentives, and even increasing fees.
Gemini, a prominent cryptocurrency exchange, is among them. Due to the poor market conditions, they laid off approximately 10 percent of its workers a few weeks ago.
Multiple news agencies reported on Tuesday that Gemini is now eliminating another 8 percent of its workforce, or around 70 employees.
Employees were left to conjecture about the actual number of co-workers thrown off in the most recent round of downsizing because the company had not publicized the magnitude of Tuesday's layoffs.
Monday morning, a source close to the company reported that 68 employees were removed from Gemini's companywide Slack channel. Company representatives have not yet responded to a request for comment.
Based on a July 14 post on the anonymous professional network Blind, Gemini planned to reduce its workforce from 950 to 800, a reduction of almost 15 percent.
The revelation follows a slew of recent cutbacks in the business. OpenSea, a prominent NFT marketplace, slashed its workforce by approximately 20% last week.
Recent personnel reductions have been implemented by Crypto.com, BlockFi, Bybit, and Coinbase, amongst others.
According to an unidentified source, Gemini apparently laid off at least 68 employees in a low-key manner. The source learned about it because the employees had left the company's Slack group.
Gemini, the source said, is engaging in "severe cost-cutting" methods in order to survive the crypto winter. The cryptocurrency exchange has not yet verified or disputed the rumor.
In the face of the current state of crypto markets, companies are compelled to initiate job cuts and reduce expenses.
During a bull market, demand and growth was so high that companies engaged in massive hiring sprees, yet, as soon as the bear market blues set in, the opposite occurs.
And not just one or two businesses. The issue of redundancies is pervasive across the majority of major platforms.
Despite the fact that the cryptocurrency market cap has reclaimed the trillion dollar level today as a result of the rise in Bitcoin (BTC) and Ethereum (ETH) prices, it is still too early to declare the the bull season is here.
Some studies from Finbold and Bloomberg imply that Bitcoin has not yet reached its bottom and that the market will not rebound for several more months.