Gemini Trust, a cryptocurrency exchange created by Cameron and Tyler Winklevoss, has let off 10% of its employees due to a large decline in trading activity.

This is the first time the exchange has let off employees since its inception in 2014, and the first time its founders have said that market instability has had a significant impact on them.

The announcement was made in a letter issued to workers on June 2, in which the Winklevoss twins said that decreasing crypto values, stagnant development, and geopolitical upheaval have impacted everyone in the sector, including Gemini.

According to the document obtained by Bloomberg News, Gemini intends to restructure its operations in order to weather the approaching crypto winter. The Winklevoss twins said that the firm will only concentrate on goods that are vital to its purpose, but Bloomberg did not give any additional insights on what those products may be.

The layoffs will be handled by team leaders, who have been urged to examine their teams’ headcount based on “turbulent market circumstances that are anticipated to endure for some time,” according to the message.

While Gemini does not reveal the amount of staff it employs, based on LinkedIn profiles, Bloomberg estimates that the exchange employs roughly 1,000 individuals. This implies that around 100 individuals may be laid off in the next weeks.

Gemini’s website now has roughly 70 available vacancies ranging from software engineers and product managers to legal and design positions. It is unknown if the corporation will fill the other unfilled jobs or continue to hire in the future.

Employees affected by the layoffs will get a calendar invitation for online sessions to discuss the parting compensation and health-care benefits that Gemini will provide. The company’s physical headquarters in New York will be closed on June 2 and return on June 3 for a company-wide “standup” to discuss its future.

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