The crypto job route continues as Gemini and BlockFi round out second rounds of layoffs
Categories: Crypto News US
The crypto job route continues as Gemini and BlockFi round out second rounds of layoffs
Major US crypto companies BlockFi and Gemini are launching another round of layoffs just a month after both companies announced that they would cut more than 10% of their respective employees due to "extreme market conditions".
‘At Least 68’ Jobs to Go From Gemini
Gemini was reported to have issued an internal bulletin regarding a new round of layoffs on July 18, but it’s unknown exactly how many employees are affected.According to an unnamed source close to the company, however, at least 68 staff members -- or 7 percent of the workforce -- have been laid off due to "excessive cost-cutting."
BlockFi Offers Buyout
CeFi lender BlockFi, on the other hand, is offering buyouts to employees – 10 weeks of paid leave and 10 weeks of health insurance – to resign. If accepted, employees will still be eligible for unemployment benefits.
Last month, BlockFi CEO Zack Prince announced that at least 20 percent of the workforce – or 170 employees – would be laid off. "This is not a decision we take lightly and it hurts us very much," Prince tweeted at the time.
The May market crash has prompted some other major crypto companies to downsize, including Crypto.com and Coinbase. Coinbase said that while the firm experienced “unprecedented growth” during a bullish market in early 2021, it blinded the company to a thumbs-up hiring spree. The exchange laid off over 1,100 employees in June.