New Delhi: After terminating nearly 10 percent of staff some time back owing to “turbulent market conditions”, crypto exchange Gemini has laid off more employees in the second round of layoffs.
According to TechCrunch, the company laid off 7 percent, or 68 employees, in the second round on Monday.
Gemini is likely to lay off more employees in the next rounds, according to the report.
The company did not reveal the extent of fresh downsizing internally and was yet to make it official.
Several crypto platforms and exchanges have laid off employees as the global crypto market goes through a meltdown.
Last week, non-fungible token (NFT) marketplace OpenSea’s co-founder and CEO Devin Finzer announced that the platform is laying off about 20 percent of its total employees.
Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has filed for bankruptcy in the US amid extreme market conditions.
The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 percent from their record highs amid the economic meltdown.
Meanwhile, the founders of another bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts.
The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.
3AC defaulted on a more than $650 million loan provided by crypto broker Voyager Digital, which has also filed for bankruptcy.
Last month, cryptocurrency exchange Vauld decided to reduce its headcount by about 30 percent.
Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including Coinbase, Gemini, Crypto.com, and others announced to downsize their workforce.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
