The Gemini platform separates 10% of its staff
Whereas the cryptocurrency community agrees that we are in a bear market, several companies in the sector are resorting to layoffs to reduce their costs.
This Thursday, the Gemini platform, founded by the Winklevoss brothers, for example unveiled a memo in which the twins announce a staff reduction of around 10%.
They remain confident in the fundamentals of our ecosystem, but explain that this decision is necessary to survive the irregularity of the market. They describe it as an alternation of periods of calm, followed by strong growth which is itself halted by sudden falls. The whole bringing to a point of balance higher than the precedent.
Faced with the situation, the company has therefore chosen to refocus on its essential products in order to improve them and chose to set aside those which were not of immediate need.
Thus, Gemini’s offices were closed for a day and those affected by the downsizing were invited to come in for an interview aimed at negotiate departure conditions.
“We have closed all of our physical offices today so that these conversations are held remotely to protect the privacy of everyone involved. Our top priority will be to treat everyone involved with compassion and respect. »
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The bear market in the strategy of cryptocurrency companies
Other cryptocurrency companies are following Gemini’s path to overcome the bear market. Unsurprisingly, Coinbase, already struggling with a loss of $430 million in the first quarter of 2022, froze its hiring and canceled the recruitments in progress.
Rain Financial, one of the largest exchanges in the Middle East and regulated by the central bank of Bahrain, has laid off several dozen employees, among its workforce counting more than 500 people.
Across the Atlantic, 2TM, the main crypto holding company in Brazil, which notably owns Mercado Bitcoin, has also separated from 12% of its staff. This represents 90 people and it is a dynamic that is found in several companies in our ecosystem all over the world.
An existing trend, but not universal
While the mood is indeed gloomy among the human resources departments of many blockchain companies, this should not make the mistake to generalize.
For example, Kraken has approximately 250 job offers on its website, at the time of this writing. Binance, for its part, continues to panic the counters with nearly 900 vacancies worldwide.
It is also interesting to note that it is during the bear market phases that successful projects of the future. Since the ecosystem is not doomed to disappear, initiatives are born every day and have necessarily need for talent to build.
A person wishing to pursue a career in the blockchain universe will therefore have every interest in carrying out a watch jobto find projects that want to grow.
Very often, the needs encompass a wide range of skills such as development, community management, law or even the creation of content, for example. Thus, everyone is able to find his account, if indeed one is driven by passion for the ecosystem.
👉 Also in the news – GameFi sector traffic drops 96% from its highs
Sources: Gemini, Bloomberg, Bloomberg Linea, Binance, Kraken
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