Cryptocurrency exchange Gemini is slashing 10% of its staff

Gemini, founded by identical twins Cameron and Tyler Winklevoss, crypto pioneers and former US Olympic rowers, has come under fire in recent months as a result of a high-profile disagreement with cryptocurrency business Genesis over a product that the two companies jointly provided.

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Gemini, a cryptocurrency exchange, is laying off 10% of its workforce in what is at least the third wave of layoffs in eight months, according to an internal memo obtained by the Information on Monday.

The corporation did not immediately reply to a request for comment from Reuters.

Gemini, founded by identical twins Cameron and Tyler Winklevoss, crypto pioneers and former US Olympic rowers, has come under fire in recent months as a result of a high-profile disagreement with cryptocurrency business Genesis over a product that the two companies jointly provided.

Crypto enterprises are off to a difficult start in 2023, with key heavyweights like as Coinbase Global Inc laying off employees and Genesis Global Capital, Genesis’ lending arm, filing for bankruptcy.

According to its bankruptcy filing last week, Genesis owes $765.9 million to Gemini, its largest creditor.

Already under pressure from increasing interest rates, the crypto market was further pressured by the November collapse of FTX, which soured consumer perception on the industry.

On Jan. 19, Genesis and two lending divisions filed for bankruptcy protection from creditors, two months after it suspended client withdrawals in the aftermath of Sam Bankman-FTX Fried’s exchange’s failure.

The lawsuit came after the bankruptcy of cryptocurrency lenders Celsius Network, Voyager Digital, and BlockFi in July.

O’Neal stated that Genesis has “some degree of confidence” that its problems with creditors will be resolved this week, after nearly two months of discussions, and that it will seek mediation if required.

“Sitting here right now, I don’t think we’re going to need a mediator,” he said. “I’m very much an optimist.”