Cryptocurrency giants Gemini and BlockFi are still downsizing their businesses as the market struggles to recover. According to a report from TechCrunch, the Winklevoss-founded cryptocurrency exchange has laid off another 7% (or 68 people) in a rush to extremely cut costs.
Initially, an internal operating plan describing the changes in Gemini appeared on Blind on July 14. The document reportedly demonstrated the company's efforts to decrease the staff size from 950 to about 800 employees. Here's how Cameron Winklevoss, Co-Founder of Gemini, responded to the leak in a Slack chat:
"It's come to my attention that at least one team member thinks it's a good idea to post a snippet of our technology operating plan on a third party website (Blind). Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here."
Gemini is not the only crypto company that has to reconsider its business. BlockFi, a cryptocurrency lender, in an effort to adjust to market conditions has also initiated a "voluntary separation program" for employees, Decrypt has learned, citing a BlockFi employee.
The report says that the New Jersey-based firm is offering employees 10 weeks paid leave and 10 weeks of health insurance to resign. A spokesperson for BlockFi said that the firm launched said a voluntary separation program to "right-size" its organization for the "current market environment."
