Crypto winter forced two leading crypto exchanges to stop hiring and cut off employees from the company.
Both Gemini & Coinbase exchanges are crypto platforms, which provide services globally under compliance. Both these two exchanges are rivals to each other. Coinbase exchange is standing at 2nd rank in this industry, while Gemini is at 10th rank.
As all of us know very well the current situation is not good for the crypto industry because of the overall downfall in the prices of crypto assets. The majority of the experts declared this situation as a crypto winter or bear market initial phase.
On 2 July, Coinbase exchange announced through a blog post that the exchange will stop hiring new candidates or employees for available positions, to sustain company operations under a balanced situation.
The blog post also confirmed that high volatility in the price of crypto assets impacted the revenue of the company, so such decisions were necessary to take into consideration.
On the same day, Winklevoss Twins sent a letter to the Gemini staff to cut off 10% of the employees from the company to sustain the company under the crypto winter situation. However, the exact numbers of employees are not known but available information on Wikipedia confirms that a total of 1000 employees are working at Gemini and it is expected that 100 employees will be terminated from the staff.
“Today is a tough day, but one that will make Gemini better over the long run.”
Winklevoss Twins said that the company will only focus on those critical products and services, which are necessary to achieve the goals.
According to available information on the official website of Gemini, the exchange is hiring 70 employees for new roles but it is unconfirmed whether the company will stop this hiring or will continue.