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Published June 2, 20222 min read

Earlier crypto bear markets caused significantly larger layoffs, with some organizations like ConsenSys terminating 60% of their workers in 2018

CoinMooner Team

Bloomberg reported that Winklevoss' crypto company, Gemini Trust, let off 10 percent of its staff on June 2 in response to the current bear market in cryptocurrencies. The founders notified employees of the layoffs on June 2.

Gemini will emphasise on "essential" items as part of its first substantial reduction in staff, the brothers said, adding that "turbulent market circumstances" are "expected to endure for some time." The reported notification reads:

This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as "crypto winter. [...] This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.

Quotation mark

The latest study is the result of a number of large industrial businesses laying off personnel or halting new recruits. Mid-May was the formal announcement by the Coinbase exchange that it will reduce recruiting and reevaluate its staff to guarantee continued operations.

Previously, Robinhood, a prominent cryptocurrency-friendly trading site, laid off 9 percent of its workers. The layoffs occurred when Robinhood's HOOD stock reached all-time lows within the context of a longer-term bad trend in the crypto markets.

The most recent layoffs in the crypto business are by no means unprecedented, since significant crypto markets such as Bitcoin (BTC) have traditionally moved in cycles, with huge bad markets preceding larger gains. During the 2018 crypto bear market, sector giants like as ConsenSys allegedly laid off up to 60 percent of its personnel and announced plans to recruit 600 new workers.

Sources reported that the present state of the crypto employment market does not seem to be particularly dismal. A representative for the FTX cryptocurrency exchange commented on the situation and said that the company has not laid off any of its existing 175 workers at the worldwide exchange or 75 employees at FTX US and has no plans to do so.

At the time of writing, the PompCryptoJobs website listed over 600 available roles in the crypto and blockchain business, according to the crypto recruiting website created by Bitcoin celebrity Anthony Pompliano.

According to its official website for job vacancies, the world's largest cryptocurrency exchange, Binance, is seeking over 1,000 new staff.

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