Gemini crypto exchange is reportedly laying off 10% of its workforce, a source familiar with the matter told CBNC earlier this week.
Crypto Rally Could not Stop Layoff
Crypto firms’ insolvency and layoff have been attributed to the prolonged crypto winter.
However, of recent, the crypto market is experiencing a relief rally after Bitcoin hit its all-time high of $23k in mid-September.
With the above event, many opined that the events attributed to the crypto crash will now cease to exist. However, the information from some crypto firms is proving otherwise.
Gemini crypto exchange is looking to fire 10% of its staff as per recent news by CBNC, citing a source with knowledge of the matter.
If this Gemini layoff happens eventually, it will be the fourth time the exchange is laying off since the crypto crash.
Gemini, together with the lending firm Genesis, is currently under investigation by the US Securities and Exchange Commission for the sale of unregistered securities.
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