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Cryptocurrency exchange Gemini is cutting 10% of its workforce in at least the third job cut in eight months, Information reported Monday, citing an internal message.
The company did not immediately respond to Reuters’ request for comment.
Gemini, a cryptocurrency pioneer and former U.S. Olympic rower founded by identical twins Cameron and Tyler Winklevoss, has made headlines over a product jointly offered by cryptocurrency company Genesis. It has faced pressure in recent months due to controversy.
Crypto companies are off to a rocky start to 2023, with major players such as Coinbase Global cutting jobs and Genesis Global Capital, the lending arm of Genesis, seeking bankruptcy protection.
Genesis owes $765.9 million to its largest creditor, Gemini, according to a bankruptcy filing last week.
Already under pressure from rising interest rates, the cryptocurrency market was further weighed down by the collapse of FTX in November, which worsened consumer sentiment towards the industry.
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