Winklevoss Twins' Gemini Cutting 10% of Its Staff, Saying 'Crypto Winter' Is Here

Billionaire bitcoiners Cameron and Tyler Winklevoss are laying off 10% of the workforce at Gemini, a first for the U.S.-based cryptocurrency exchange and custodian. CNBC reports: The twins announced in a blog post on Thursday morning that the industry is in a "contraction phase" known as "crypto winter," which has been "further compounded by the current macroeconomic and geopolitical turmoil." "We are not alone," the memo continued. Fellow crypto exchange Coinbase recently reported that revenue had fallen 27% from a year ago, as had overall usage. Gemini -- which has been around since 2014 and is valued at $7.1 billion as of its last funding round -- has 1,033 people on its payroll, according to PitchBook, which translates to about 100 employees affected by today's layoffs. CNBC reached out to Gemini to ask for the exact figure, but the press team declined to comment beyond the blog post. As for next steps, Gemini has closed its physical offices today in order to protect employee privacy. Impacted team members will receive a calendar invite for individual conversations about separation packages and health care benefits. On Friday, remaining employees will take part in a "company-wide standup" to talk about its future. The memo says that Gemini wants to focus only on products that are critical to its mission -- and team leaders will assess whether their teams are "right-sized" for the "current, turbulent market conditions that are likely to persist for some time." "Today is a tough day, but one that will make Gemini better over the long run," the brothers wrote in the staffwide memo.

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