Winklevoss Twins’ Gemini Trust Cuts Another 10% of Workforce
- Gemini is listed as the largest creditor in Genesis bankruptcy
- Customers haven’t been able to access funds in lending product
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Gemini Trust Co. is eliminating another 10% of its workforce, according to a person familiar with the matter, as the digital-asset firm founded by billionaire twins Tyler and Cameron Winklevoss remains pressured by a monthslong industrywide slump.
The New York-based company previously announced the firing of 10% of its staff in June after the collapses of the Terra stablecoin ecosystem and Three Arrows Capital hedge fund sent token prices tumbling. Then in November, Gemini customers lost access to their money when Genesis Global Capital froze redemptions from a lending product the companies offered jointly. Genesis sought bankruptcy protection last week.