Cryptocurrency exchange and custodian Gemini said that it will lay off about 10% of its employees, citing “turbulent market conditions that are likely to persist for some time.”
The crypto industry is currently in a “contraction phase that is settling into a period of stasis,” also known as a “crypto winter,” according to their comments. “This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone,” the twins added.
Some industry competitors have adjusted hiring plans amid the market rout.
Last month, Coinbase (COIN) said that it will slow down hiring and reassess headcount needs. Meanwhile, Fidelity Digital Assets plans to double its headcount this year to meet the growing demand for crypto trading from institutional investors, according to a recent report.
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...