The Winklevoss twins are battening down the hatches as their cryptocurrency exchange Gemini, announcing that it will be reducing its workforce by 10%.
This measure is necessitated by the continuous downturn in the cryptocurrency market occasioned by the most recent crash of the TerraUSD currency and its sister token, Luna.
Despite attempts to prop up the crypto market, Cameron and Tyler Winklevoss have acknowledged that the crypto economy is in for some “turbulent times” ahead, making the pair tread carefully.
Gemini will be cutting up to 100 people, as they are currently running with a workforce of 1,000 crypto specialists.
The news came in a blog post on Thursday and they are not the only people to have recently decided to scale down their operation.
Coinbase has said that it will put a hold on its aggressive hiring policy, which was supposed to continue throughout 2022.
The Winklevoss’ wrote in their blog that a “crypto winter” has settled in and that it was down to the industry to weather it.
However, not everyone is scaling down. Fidelity Digital Assets will be looking to double its workforce before the year is out.
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