Winklevosses Say Job Cuts at Gemini Exchange Reach 30%

Gemini Space Station Inc. has cut roughly 30% of its workforce this year amid financial struggles, the company confirmed Thursday. The crypto exchange cited restructuring efforts following a $500 million loss in 2025. The layoffs align with broader industry cost-cutting as crypto firms face prolonged market downturns and regulatory pressures. Gemini joins other exchanges reducing headcount to stabilize operations. To offset reduced staff, the company is deploying AI tools to automate processes and boost productivity. The shift reflects growing reliance on AI in financial services to maintain efficiency. Gemini’s twin founders attributed the cuts to "operational optimization" but did not specify which departments were most affected. Severance details remain undisclosed. The move follows a year of financial turmoil, including legal battles and declining trading volumes. Analysts suggest further restructuring may be needed if market conditions fail to improve.