According to
Gemini is likely to lay off more employees in the next rounds, according to the report.
The company did not reveal the extent of fresh downsizing internally and was yet to make it official.
Several crypto platforms and exchanges have laid off employees as the global crypto market goes through a meltdown.
Last week, non-fungible token (
Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has filed for bankruptcy in the US amid extreme market conditions.
The bankruptcy came as popular crypto tokens such as
Meanwhile, the founders of another bankrupt cryptocurrency hedge fund
The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.
3AC defaulted on a more than $650 million loan provided by crypto broker
Last month, cryptocurrency exchange Vauld decided to reduce its headcount by about 30 per cent.
Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including Coinbase, Gemini,
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