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Crypto Job Rout Continues As Gemini And BlockFi Execute Second Round Of Layoffs


Leading US crypto companies BlockFi and Gemini are launching another round of layoffs just a month after both companies announced cutting more than 10 percent of their respective staff complements 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 “extreme cost-cutting”:

BlockFi Offers Buyouts

On the other hand CeFi lender BlockFi is offering employees buyouts – 10 weeks of paid leave and 10 weeks of health insurance – to resign. If accepted, employees would still be eligible for unemployment benefits.

Last month, BlockFi CEO Zac Prince announced that at least 20 percent of staff – or 170 employees – would be shed. “This is not a decision we take lightly and is one that brings us great sadness,” Prince tweeted at the time.

May’s market crash has led some other leading crypto companies, including Crypto.com and Coinbase, to downsize. Coinbase said that while the firm experienced “unprecedented growth” during early 2021’s bullish market, it blindfolded the company into a thumbed hiring spree. The exchange laid off more than 1,100 employees in June.

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