Winklevoss‑Backed Gemini Cuts Up To 25% Of Staff, Exits UK, EU, And Australia
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, announced significant layoffs and a withdrawal from key international markets. The company is cutting up to 25% of its workforce, affecting around 200 employees, and will wind down operations in the UK, EU, and Australia. This decision is part of a strategic shift to focus resources on its new prediction markets platform, Gemini Predictions, which the founders believe represent a major future growth opportunity. They cited regulatory complexity and operational challenges as reasons for scaling back global expansion. Since its mid-December launch, the prediction platform has seen over 10,000 users and $24 million in trading volume. The company's stock (GEMI) has fallen over 85% from its all-time high.
bitcoinist02/06 10:03
