Winklevoss Twins Aren’t Alone With ‘Crypto-Winter’ Job Cuts
- Rain Financial layoffs, Coinbase hiring freeze add to woes
- Market declines, macro headwinds blamed for Gemini 10% cut
The crypto industry -- white-hot last year as Bitcoin soared to a record and enthusiasm for everything from Bored Ape NFTs to DeFi and “play-to-earn” games propelled the entire market past $3 trillion -- is feeling a chill.
Gemini Trust Co., the crypto business run by billionaire twins Cameron and Tyler Winklevoss, on Thursday told staff of plans to slash the company’s workforce by 10% as trading across the industry slumps. Rain Financial Inc. -- one of the Middle East’s largest crypto exchanges, with big backers from Silicon Valley -- also made cuts, laying off dozens of employees, according to people with direct knowledge of the matter. Meanwhile, crypto exchange Coinbase Global Inc., its shares in a funk as transaction volumes decline, said Thursday it will extend a hiring freeze for both new and existing positions for the “foreseeable future” and rescind a number of accepted offers.