Cryptocurrency exchange Gemini has on Thursday has decided to cut 10% of its workforce given a "turbulent market conditions," according to a blog post. Famed billionaire twins Cameron and Tyler Winklevoss, the leaders of Gemini, noted that the crypto space is currently in the contraction phase that is settling into a period of stasis — what our industry refers to as “crypto winter,” the blog read. "This has all been further compounded by the current macroeconomic and geopolitical turmoil," the twins added. The move comes after its rival Coinbase (COIN) said in mid-May that it will slow hiring in the wake of a crypto market slump. In the beginning of April, Gemini said crypto adoption hit a "tipping point" last year over inflation concerns.
