Gemini cuts 25% of staff and exits UK and EU markets amid ongoing crypto downturn
Crypto exchange Gemini is laying off 25% of its staff and exiting the UK, EU, and Australian markets to refocus on the US, AI, and prediction markets.Summary
Crypto exchange Gemini, founded by the Winklevoss twins, announced a major restructuring involving cutting 25% of its workforce and ceasing operations in the UK, EU, and Australia. This move is part of a strategic pivot to focus primarily on the US market, AI-powered productivity tools, and prediction markets, which the company calls "Gemini 2.0."
The restructuring also includes the shutdown of its NFT marketplace, Nifty Gateway, on February 23, due to declining NFT trading volumes. The company noted that its Gemini Predictions platform has already processed over $24 million in volume since December.
The announcement coincided with renewed pressure on crypto markets, causing Gemini's publicly traded stock to hit a new all-time low, falling nearly 80% from its IPO price. Gemini stated that narrowing its geographic footprint and product focus is intended to lower expenses and speed up its path to profitability.
(Source：Crypto Briefing)