On Thursday, the billionaire Howen clivos brothers of cryptocurrency announced that they would cut 10% of their jobs in Gemini trust company, which is the first layoff of the US cryptocurrency exchange and custodian. Cameron and Taylor Winklevoss Brothers announced in a blog post on Thursday morning local time that the industry is in a "contraction stage" called the "winter of cryptocurrency" and is "further aggravated by the current macroeconomic and geopolitical turmoil".
Access:
"We are not alone," they wrote.
Meanwhile, coinbase, the largest cryptocurrency exchange in the United States, announced on Thursday that it would extend the recruitment freeze for new and existing positions in the "foreseeable future" and cancel some accepted employment. The company recently reported that its revenue and overall usage decreased by 27% compared with the same period last year.
For the cryptocurrency market, recent weeks have been brutal. With terrausd, one of the most popular stable currencies linked to the US dollar, collapsing almost overnight, the market value of the industry has evaporated by $500billion. It is not clear whether the recent slump marks the next cryptocurrency winter (a cyclical multi-year bear market in the cryptocurrency asset class), but the decline in trading volume on the cryptocurrency exchange is a sign that the industry may be moving in this direction.
According to pitchbook's data, Gemini was founded in 2014, valued at $7.1 billion in the latest round of financing, and currently has 1033 employees, which means that the layoff will affect about 100 people.