Investing

Gemini to Lay Off 10% of Its Staff

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

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