Winklevoss' Gemini releases 10 % of the staff when the crypto winter uses

Gemini, the stock exchange for digital assets in possession of the billions in Winklevoss twins, plans to relieve about a tenth of their workforce, which is the latest sign of how the strong decline in cryptoma markets disturbed the quick growth of the industry.

The announcement on Thursday is made, since, according to the Financial Times, the value of the market for digital assets has fallen by around $ 2 trillion to $ 1.3 trillion since the maximum stand in November 2021.

"Here we are now in the contraction phase that merges into a phase of stagnation - which our industry calls 'cryptovic interter'," said Cameron and Tyler Winklevoss in a message to the employees about which Bloomberg was first reported.

Bitcoin has fallen by more than 50 percent since his November high, while other smaller coins had to accept much more losses. At the same time, the crash of the once popular Luna and Terra tokens in the past month shaked the trust of the dealers into crypto credit programs such as "Staking" that had provided lucrative returns.

crypto retailers tend to bet on the market more actively, if it rises, analysts and stock exchange managers said. In view of the width and severity of the bear market, the crypto trade volumes have decreased sharply.

According to the data from The Block Crypto, the spot trade volume of leading stock exchanges this year was around $ 750 billion per month compared to $ 1.2 trillion in 2021. Lower volumes reduce the fees that earn excavations by facilitating transactions.

The Winklevoss brothers said in their message to the employees that the problems for the cryptom market "further exacerbated by the current macroeconomic and geopolitical turbulence".

The crypto industry was booming when central banks and governments poured liquidity into the global economy and people all over the world at home during the lockdowns. However, investors ran away from speculative facilities this year, with shares of unprofitable technology companies and other risky bets also come under strong pressure, since the global central banks act to combat inflation.

Some investors rely on the fact that the crypto downturn will only be temporary and that innovations such as Blockchain-Digital-Ledger technology will redesign finance. The risk capital company Andreessen Horowitz launched a cryptocurrency fund of $ 4.5 billion at the beginning of this month because it said that the crypto industry reaches a new "golden era" in which "new talents, sustainable infrastructure and community knowledge" would drive fast innovation.

In line with this feeling, the Winklevoss brothers told the employees that the "crypto revolution is in full swing" and that "their effects will continue to be profound". However, they also found that the dark mood that broke into the cryptom market will probably not change in the foreseeable future.

"We asked the team leaders to ensure that they only focus on products that are of crucial importance for our mission and to assess whether their teams for the current, turbulent market conditions that will probably still have some time will be the right size," they said.