In a sign of the times, Gemini, the crypto exchange founded by billionaires Tyler and Cameron Winklevoss, is making significant cutbacks.
Summary
- Gemini will lay off up to 200 employees and shut down services in the UK, EU, and Australia amid a downturn in the crypto market and ongoing struggles to gain market share.
- Despite the challenges, Gemini is focusing on gambling: Gemini Predictions.
- The new prediction market platform has processed over $24 million in volume since its launch in December 2025, aiming for future growth.
The company is reportedly slashing up to 25% of its workforce and shutting down operations in the UK, European Union, and Australia. The decision follows a tough period for the company, which has struggled to gain market share despite being an early player in the crypto exchange space.
The New York-based exchange, which launched in 2014, announced it would lay off up to 200 employees across its global workforce, including in the US and Singapore. The cuts come after Gemini reported a $159.5 million loss in November, largely due to the high costs associated with its initial public offering and extensive marketing efforts.
As Bitcoin prices dipped below $70,000, the broader crypto sector has faced intense volatility, further weighing on Gemini’s fortunes.
The company also announced that it would place all customer accounts in the UK, EU, and Australia into withdrawal-only mode starting March 5, with full account closures to follow a month later. This move is part of a broader restructuring plan expected to cost the company about $11 million.
Despite these challenges, the Winklevoss twins are betting on the future of prediction markets, launching a new service called Gemini Predictions in December. The platform has processed over $24 million in volume from 10,000 users since its launch, with the Winklevosses hoping this will help steer the company toward a more focused and profitable future.