S&P 500
7,504.00
-0.06%
Dow Jones
52,227.40
-0.03%
Nasdaq 100
29,059.20
-0.24%
Russell 2000
2,979.62
-0.08%
FTSE 100
10,604.00
+0.00%
Nikkei 225
66,998.70
-0.28%

Investing

Gemini to Lay Off 10% of Its Staff

Photo of 247patrick
By 247patrick Updated Published
Gemini to Lay Off 10% of Its Staff

© Christian Guiton / iStock via Getty Images

Winklevoss Twins’ cryptocurrency exchange is preparing to lay off some of its staff after facing issues pertaining to FTX and Genesis Global.

According to a Monday report, Gemini, the cryptocurrency exchange of the Winklevoss Twins, is cutting its workforce by 10%.

Genesis has been facing issues since the collapse of FTX.

Genesis’ Earn was shut down earlier in January after a public exchange with DCG’s Bary Silbert over Genesis’ debt to Gemini.

Genesis filed for bankruptcy late last week as a result of the spreading FTX contagion.

This is the latest in a series of crypto layoffs which also saw Genesis cut its workforce by 30% prior to the bankruptcy filing, and Coinbase fire around 900 of its employees.

This article originally appeared on The Tokenist

Contact [email protected] for any questions or corrections.

Follow 24/7 Wall St. on Google
Photo of 247patrick
About the Author 247patrick →

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

This 15-Minute Task Is All You Need to Know What Social Security Benefit to Expect
Maurie Backman |

This 15-Minute Task Is All You Need to Know What Social Security Benefit to Expect
The 401(k) Vesting Cliff That Cost One Worker $74,000 Before Age 60
Marc Guberti |

The 401(k) Vesting Cliff That Cost One Worker $74,000 Before Age 60

Continue Reading

Gemini Takes First Steps to Comply With New Crypto Requirements in Canada
247patrick |

Gemini Takes First Steps to Comply With New Crypto Requirements in Canada

Gemini has announced that had filed the pre-registration undertaking with the Ontario Securities Commission.

Gemini Asks US Court to Dismissed SEC Lawsuit
247patrick |

Gemini Asks US Court to Dismissed SEC Lawsuit

Gemini, the cryptocurrency exchange of the Winklevoss twins, has asked a U.S. judge to dismiss an SEC lawsuit targeting the…

DCG and Genesis Reach an ‘In Principle’ Agreement With Creditors
247patrick |

DCG and Genesis Reach an ‘In Principle’ Agreement With Creditors

According to a Monday report, the Digital Currency Group and its bankrupt subsidiary, Genesis, reached a preliminary agreement with the…

Gemini Allegedly Borrowed $100M From Winklevoss Twins
247patrick |

Gemini Allegedly Borrowed $100M From Winklevoss Twins

The Winklevoss twins allegedly recently lent $100 million to Gemini, a cryptocurrency company they founded.

DCG Agrees to Sell Genesis in a Pact With Major Creditors
247patrick |

DCG Agrees to Sell Genesis in a Pact With Major Creditors

Digital Currency Group reportedly is planning to sell both the lending and trading branches of the bankrupt firm Genesis.

Genesis Preparing to File for Bankruptcy Before the End of This Week
247patrick |

Genesis Preparing to File for Bankruptcy Before the End of This Week

Cryptocurrency firm Genesis Global reportedly is seriously considering bankruptcy and might file before the end of this week.

Tribe Capital Considers Leading $250M Round to Help Restart FTX Exchange
247patrick |

Tribe Capital Considers Leading $250M Round to Help Restart FTX Exchange

Tribe Capital reportedly is thinking about taking a leadership role in a funding round worth $250 million aimed at helping…

Genesis Files for Bankruptcy With More Than $3.4B Owed to Creditors
247patrick |

Genesis Files for Bankruptcy With More Than $3.4B Owed to Creditors

Cryptocurrency firm Genesis Global has filed for bankruptcy, becoming the latest victim of the ongoing crypto winter.

Winklevoss’ Gemini Working on Offshore Derivatives Exchange
247patrick |

Winklevoss’ Gemini Working on Offshore Derivatives Exchange

Gemini Trust, the cryptocurrency platform of the Winklevoss twins, reportedly is working on an offshore derivatives exchange.

Top Gaining Stocks

Western Digital
WDC • Vol: 7,449,136
Micron Technology
MU • Vol: 49,366,087
Teradyne
TER • Vol: 4,004,938
Seagate Technology
STX • Vol: 6,062,855
Coinbase
COIN • Vol: 13,677,147

Top Losing Stocks

Danaher
DHR • Vol: 28,098,194
MSCI
MSCI • Vol: 2,010,247
Coterra Energy
CTRA • Vol: 73,319,495
Tyler Technologies
TYL • Vol: 671,631
Halliburton
HAL • Vol: 34,081,300