{"id":11287,"date":"2022-06-02T16:01:07","date_gmt":"2022-06-02T16:01:07","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/major-crypto-firms-reportedly-cut-up-to-10-of-staff-amid-bear-market\/"},"modified":"2022-06-02T16:01:10","modified_gmt":"2022-06-02T16:01:10","slug":"major-crypto-firms-reportedly-cut-up-to-10-of-staff-amid-bear-market","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/major-crypto-firms-reportedly-cut-up-to-10-of-staff-amid-bear-market\/","title":{"rendered":"Major crypto firms reportedly cut up to 10% of staff amid bear market"},"content":{"rendered":"<p><\/p>\n<div data-v-2a0745c6=\"\">\n<p>Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions.<\/p>\n<p>Winklevoss\u2019 crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to employees on June 2, as Bloomberg reported.<\/p>\n<p>As part of its first major headcount cut, Gemini will refocus on products that are \u201ccritical\u201d to the firm\u2019s mission, the brothers said, adding that \u201cturbulent market conditions\u201d are \u201clikely to persist for some time.\u201d The notice reportedly reads:<\/p>\n<blockquote><p>\u201cThis is where we are now, in the contraction phase that is settling into a period of stasis \u2014 what our industry refers to as &#8220;crypto winter. [&#8230;] This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.\u201d<\/p><\/blockquote>\n<p>The new report comes after a number of major industry companies fired some employees or put new hires on hold. In mid-May, the Coinbase exchange officially announced that it would slow down hiring and reassess its headcount in order to ensure it continues operating as planned.<\/p>\n<p>Previously, the major crypto-friendly trading platform Robinhood fired 9% of its workforce. The layoffs came amid Robinhood\u2019s HOOD stock touching all-time lows as part of a longer-term bear market on crypto markets.<\/p>\n<p>The latest crypto industry layoffs are by no means new to the industry as major crypto markets like Bitcoin (BTC) have been historically moving in cycles, with major bear markets preceding bigger gains. Amid a massive bear market of crypto in 2018, some industry firms like ConsenSys reportedly fired up to 60% of their workforce, announcing plans to hire 600 employees afterward.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto job market holding up despite tech industry cutbacks<\/em><\/strong><\/p>\n<p>According to some sources, the current conditions of the crypto job market do not look too gloomy though. A spokesperson for the FTX crypto exchange told Cointelegraph that the firm has not cut and does not plan to lay off any of its current 175 employees at the global exchange or\u00a075 employees at the FTX US.<\/p>\n<p>According to the crypto hiring website by the\u00a0Bitcoin influencer Anthony Pompliano, executives in the crypto and blockchain industry are still looking to hire people, with the PompCryptoJobs website listing about\u00a0600 open positions at the time of writing. The major global crypto exchange Binance is looking to hire nearly 1,000 employees, according to its official job openings website.<\/p>\n<p>Gemini did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions. Winklevoss\u2019 crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-11287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Major crypto firms reportedly cut up to 10% of staff amid bear market | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/major-crypto-firms-reportedly-cut-up-to-10-of-staff-amid-bear-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major crypto firms reportedly cut up to 10% of staff amid bear market | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions. 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