Crypto billionaires and co-founders of Gemini, Cameron and Tyler Winklevoss, have announced that the exchange will ‘part ways with approximately 10% of the workforce.’
នៅក្នុងប្លក់ ក្រោយ on June 2, the founders remarked that the industry is in a contraction phase of “រដូវរងាគ្រីប.” Further adding that the market weakness is also compounded by the ‘current macroeconomic and geopolitical turmoil.’
Why the job cuts?
The Gemini heads have said that the company has shifted focus on “critical” products optimizing the teams for the “current, turbulent market conditions that are likely to persist for some time.”
On the decision of job cuts, the blog stated, ” Every great company throughout history has faced similar challenges along the way and Gemini is no different. And as painful as this moment is, we ultimately see it as an opportunity to double-down on our strongest ideas and customer-centric products…”
Notably, as against last year, the crypto market has lost over 50% of its cumulative global market cap. Bitcoin, the largest coin by market cap, is down close to 56% at a តម្លៃជួញដូរ of $30,000, compared to its all-time high of $69,000 back in November 2021.
How price has impacted trading volumes
ត្រលប់ទៅខែមករា ទីភ្នាក់ងារ Bloomberg had quoted Oppenheimer & Co. analyst Owen Lau, who had warned that plunging crypto prices “could drive lower trading volume when it gets to the point to discourage traders to get engaged.”
The analyst had added, “There is a possibility that digital assets price to go flat such as getting into a crypto winter after a price decline.”
Meanwhile, Coingecko’s April របាយការណ៍ for the previous quarter also underlined that in “Q1 2022 spot trading volume across the top-10 centralized and ការផ្លាស់ប្តូរវិមជ្ឈការ declined from $6.08 trillion to $3.79 trillion compared to Q4 2021,” reiterating that volumes have in fact taken a hit.
Moreover, the market didn’t get any respite following that, as ការដួលរលំរបស់ Terra created another round of turmoil in the market.
Gemini is not alone
ទន្ទឹមនឹងនេះដែរ Bloomberg មួយផ្សេងទៀត របាយការណ៍ has cited sources that state that Coinbase-backed crypto exchange, Rain Financial Inc., has also laid off dozens of employees. As per several other media reports, tech companies, including crypto exchange Coinbase, have slowed down on hiring while Robinhood and BitMEX have also cut staff.
But not all fronts have slowed down. Recently, Binance Labs announced that it raised $500 million for a new Web3-focused investment fund right after Andreessen Horowitz launched a similar $4.5 billion fund.
ការមិនទទួលខុសត្រូវ
រាល់ព័ត៌មានទាំងអស់ដែលមាននៅលើគេហទំព័ររបស់យើងត្រូវបានផ្សព្វផ្សាយដោយស្មោះត្រង់និងសម្រាប់គោលបំណងព័ត៌មានទូទៅតែប៉ុណ្ណោះ។ សកម្មភាពណាមួយដែលអ្នកអានអនុវត្តលើព័ត៌មានដែលរកឃើញនៅលើគេហទំព័ររបស់យើងគឺប្រឈមនឹងហានិភ័យរបស់ពួកគេ។
Source: https://beincrypto.com/gemini-cutting-10-jobs-crypto-winter-exchange-focus-critical-products/