Gemini Cuts 10% of Global Staff in Third Round of Layoffs

• Gemini, a crypto exchange company, has reportedly cut 10% of its global staff in its third round of layoffs in the past 8 months.
• The company has been facing pressure following its engagement with the now-bankrupted crypto lender firm Genesis.
• US Securities and Exchange Commission (SEC) has charged Gemini over the alleged unregistered offer and sale of securities to retail investors.

Gemini, the crypto exchange company founded by twins Cameron and Tyler Winklevoss in 2005, has gone through a tough few months. The firm has been facing pressure following its engagement with the now-bankrupted crypto lender firm Genesis. To make matters worse, the US Securities and Exchange Commission (SEC) has charged Gemini over the alleged unregistered offer and sale of securities to retail investors.

The latest news to add to the company’s woes is the announcement of its third round of layoffs in the past eight months. According to a recent report published by The Information, Gemini has cut down another 10% of its global staff. This latest headcount reduction follows the company’s previous staff cutdown which occurred last June following extreme market conditions. Weeks later, a report claimed that the company laid off an additional 68 employees, or about 7% of its workforce.

In an internal message disclosed by The Information, Gemini co-founder Cameron Winklevoss wrote: (…) it was our hope to avoid further reductions after this summer. However, persistent negative macroeconomic conditions and unprecedented fraud perpetuated by bad actors in our industry have left us with no other choice but to revise our outlook and further reduce headcount.

Gemini is a New York-based cryptocurrency exchange company backed by $423 million funding and provides crypto-related services, including providing a crypto wallet for storing digital assets. Despite the ongoing relief rally in the crypto market, the company’s situation has not improved and it has had to resort to a third round of layoffs in order to stay afloat.

The situation is a grim reminder of how difficult it can be to survive in the volatile crypto market. This news comes at a time when the industry has been facing increased scrutiny from regulators and governments around the world. It remains to be seen how Gemini will cope with the current situation and whether it will be able to weather the storm and come out stronger on the other side.

Silvergate Remains Stable Despite $948M Net Loss in Q4 2022

• Silvergate reported a net loss of $948 million due to customer withdrawals of over $8 billion.
• The bank has over $11 billion in total assets as of December 31, 2022, with $6 billion in deposits.
• Silvergate Exchange Network (SEN) saw a 4% spike in its dollar transfers in Q4 2022 and recorded 1,620 crypto customers by the end of 2022.

The financial institution Silvergate recently released data related to its fourth quarter of 2022. This was in response to the collapse of one of its partners, the crypto exchange FTX, and the subsequent rumors of Silvergate’s potential bankruptcy. However, the bank has sufficient assets and liquidity to continue its operations, with over $11 billion in total assets and $6 billion in deposits as of December 31s, 2022.

Despite this, Silvergate did experience significant losses across the board. Deposits fell by over $8 billion while the company recorded a net loss of $948 million. The bank’s flagship product, the Silvergate Exchange Network (SEN), saw a 4% spike in its dollar transfers in Q4 2022, but still recorded a decrease of around $250 million in its year-to-year transaction volume. Crypto customers also followed the trend, as the collapse of FTX and the bankruptcy of other major crypto companies triggered a widespread “confidence crisis”. By the end of 2022, the financial institution recorded 1,620 crypto customers compared to 1,677 in September 2022.

Despite these losses, Silvergate’s data shows that it is financially stable and capable of continuing its operations. The company’s efforts to stay ahead of the curve in the crypto industry have paid off, as its customers have remained loyal and its operations have remained consistent. Moving forward, Silvergate is likely to continue to be a major player in the crypto industry, providing customers with the security and convenience they need to help them succeed in the space.

Gala Games Acquisition of Ember Entertainment Drives GALA Price Surge

• Gala Games announced the acquisition of Ember Entertainment, which is best known for its Walking Dead: Empires online role-playing game.
• Gala Games also announced that its flagship game, Townstar, would be switching to GALA tokens and all TOWN tokens would be swapped for GALA at a 2:1 ratio.
• Following the announcement, GALA recorded an upside as investors responded positively to the news.

Gala Games, a blockchain-based gaming platform, recently announced some major developments that have investors responding positively. On Monday, the company announced that it had acquired Ember Entertainment, a game company with multiple titles under its wing, including the popular massively multiplayer online role-playing game Walking Dead: Empires.

The acquisition of Ember Entertainment includes not only Walking Dead: Empires, but also their entire portfolio of mobile games, such as Dragon Strike and Meow Match, which are being integrated into the Gala blockchain. In addition, the company also revealed that its flagship game, Townstar, would be switching to using GALA tokens in its ecosystem. All TOWN tokens would be swapped for GALA at a 2:1 ratio, and a burn mechanism will be established as well.

The news of the acquisition and the switch to GALA tokens caused a surge in the price of the digital asset as investors responded positively to the developments. Gala Games had previously announced a new partnership with multiple Hollywood stars and the latest acquisition and leadership decisions further bolstered bullish sentiment among investors.

Gala Games is a blockchain-based gaming platform that seeks to provide a new way of playing games by leveraging the power of blockchain technology. The platform is designed to revolutionize the way users play games and earn rewards, as well as create a new type of virtual economy powered by digital assets. With the acquisition of Ember Entertainment and the switch to GALA tokens, the company is taking further steps towards becoming a leader in the gaming industry.

Overall, the announcement of the acquisition and the switch to GALA tokens caused a surge in the price of the digital asset as investors responded positively to the news. Gala Games is taking further steps towards becoming a leader in the gaming industry, and investors seem to be responding positively to the company’s developments.

Coinbase Cuts 1,000 Jobs in Crypto Winter Cost-Cutting Push

• Coinbase is letting go of approximately 1,000 employees as part of a critical strategy to weather down the crypto winter.
• This is the third round of layoffs the company has experienced in the past year as macroeconomic conditions and persistent downside pressure continue to affect the nascent sector.
• Coinbase CEO Brian Armstrong believes the restructuring strategy will benefit the company in the short and medium terms, but they are also worried that the collapse of the crypto exchange FTX may cause other companies and projects to experience negative impacts in the coming months.

Coinbase, one of the world’s leading cryptocurrency exchanges, has announced that it is laying off about 1,000 employees as part of an ongoing restructuring effort. The move comes as the nascent crypto sector continues to be impacted by the ongoing macroeconomic downturn, as well as persistent downside pressure.

The decision to cut down on staff was made after Coinbase CEO Brian Armstrong and the company’s leadership team planned for the next three years. The most significant factor behind this decision was the collapse of crypto exchange FTX, which filed for bankruptcy in late 2022, negatively impacting many projects.

Armstrong believes that the restructuring strategy will benefit the company in the short and medium terms, but they are also worried that the collapse of the crypto exchange FTX may cause other companies and projects to experience negative impacts in the coming months.

The recent layoffs represent a 25% reduction in the company’s operating expenses, and Armstrong said: “As part of a headcount reduction like this, we will be shutting down several projects where we have a lower probability of success. Affected teams will receive communication on this today. Our other projects will continue to be developed and launched.”

The move is a major step in the company’s strategy to weather down the crypto winter, as the sector is still in its infancy and the macroeconomic conditions have taken a toll on the industry.

Coinbase is not the only crypto exchange that has been affected by the ongoing downturn, as other exchanges such as Binance and Kraken have also been forced to implement layoffs and cost-cutting measures.

The layoffs come as the crypto industry is on the brink of a major breakthrough, with Ethereum and DeFi continuing to lead the way in terms of growth and adoption.

It remains to be seen how the restructuring efforts at Coinbase will impact the industry as a whole, but it is clear that the crypto winter is far from over and that the sector is still in its nascent stages.