“Today is a tough day, but one that will make Gemini better over the long run,” the brothers wrote in the staffwide memo.
Robinhood and BitMEX have also cut staff.
Although the sector is going through the mayhem, companies are still pouring in hard cash regularly. For instance, Andreessen Horowitz recently announced a new $4.5 billion fund dedicated to backing crypto and blockchain companies. Binance Labs on the other hand has raised $500 million for a fund dedicated to investing in Web3 start-ups.
