Gemini blamed the crypto winter as well as the macroeconomic and geopolitical turmoil for the decision.

In a note to employees this morning, Tyler and Cameron Winklevoss, CEO and President, Gemini, communicated their “difficult but necessary decision to part ways with approximately 10% of our workforce.” Gemini will close all of its physical offices today so it can conduct, remotely, individual conversations with impacted personnel to communicate the separation package and healthcare benefits. (Gemini)

Gemini is making its first ever job cuts and the billionaire Winklevoss twins cushioned the blow by asserting that without its employees, “Gemini simply wouldn’t be here today.”

Crypto winter

“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,” Gemini’s announcement read, referring to the volatile trajectory of the crypto market that included “dramatic moments of hypergrowth” followed by “sharp contractions.”

“This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”

Team leaders have been asked to assess and ensure that “their teams are right-sized for the current, turbulent market conditions that are likely to persist for some time.”

In 2018, the crypto market endured a similar cyclical winter during which digital asset prices remained depressed for months.

Layoffs were a feature of that period, too.

Gemini valued $7.1 billion in November

In November 2021, Gemini announced a $400 million growth equity round, its first-ever outside financing, led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia, among others.

This round valued the company at $7.1 billion.

Winter or not, appetite is still apparently strong for venture investment opportunities in crypto.

Andreessen Horowitz last week raised a blockbuster $4.5 billion Crypto Fund IV. That was followed by a $500 million venture fundraising by Binance.

Related Story: Andreessen Horowitz Wraps Up $4.5B For Crypto Fund IV