Gemini (GEMI), the cryptocurrency exchange founded and run by billionaire twins Tyler and Cameron Winklevoss, announced significant changes to its business on Thursday, including deep job cuts and a withdrawal from several major international markets.
Gemini Scales Back Global Operations
Gemini plans to reduce its workforce by up to 25%. This decision could affect approximately 200 employees worldwide, as the exchange disclosed its increased focus on artificial intelligence (AI)-related operations.
The cuts will span multiple regions, including the United States and Singapore. At the same time, it will wind down operations in the United Kingdom, the European Union, and Australia, signaling a sharp pullback from markets it once viewed as central to its global expansion strategy.
In a blog post published Thursday, the Winklevoss twins acknowledged the challenges the company has faced overseas. They said operating in foreign jurisdictions has proven difficult due to a combination of regulatory hurdles and operational complexity.
As a result, the founders said Gemini had become overstretched and needed to simplify its structure to remain competitive. The twins described the layoffs as a necessary step to realign the company with its long‐term goals.
“Today, we are reducing our size again by roughly 25%,” they wrote, adding that they believe the resulting organization will be better positioned to carry out the crypto exchange’s mission.
Winklevoss Twins’ Bet On Prediction Markets
The restructuring comes as Gemini narrows its focus toward what the founders see as the next major growth opportunity: prediction markets.
The Winklevoss twins said they believe prediction markets have the potential to become as large as, or even larger than, today’s capital markets. In their view, these platforms can harness collective intelligence and market dynamics to generate insights about future events in ways traditional systems cannot.
As part of this strategy, Gemini has invested in securing the necessary license to launch its own prediction marketplace, positioning the company as an early entrant in what it describes as a new and promising frontier.
The exchange launched Gemini Predictions in mid‐December and says early adoption has been encouraging. According to the company, more than 10,000 users have already participated, trading over $24 million on the platform since its debut.
The founders framed this shift as an evolution of Gemini’s vision. While the company’s first decade focused on building infrastructure for the future of money, they now envision a broader “super app” that bridges both money and markets.
They added that to successfully pursue this direction, Gemini must concentrate its resources and reduce distractions. By scaling back its global operations and workforce, the company aims to free up the bandwidth needed to develop and expand its prediction market offerings.
At the time of writing, the exchange’s stock, trading under the ticker symbol GEMI, was trading at $6.69. This represents a 7% drop in the past 24 hours and is over 85% below the stock’s all-time high of $45.90.
Featured image from OpenArt, chart from TradingView.com
