Gemini faces crisis amid mass layoffs and overseas withdrawal

Cryptocurrency exchange Gemini is facing a crisis due to the sharp downturn in the crypto market, Bloomberg reported. According to the report, Gemini underwent a restructuring earlier this month that included laying off up to 25% of its staff and has withdrawn from business in the UK, European Union, and Australia. The company has also seen a major shake-up in its executive ranks, with its chief financial officer (CFO), chief operating officer (COO), and chief legal officer (CLO) all being replaced. Gemini's stock price has plummeted by more than 80% from its peak after listing last year, and its market capitalization has shrunk from $4 billion to $700 million. The report explained that the company's revenue growth has failed to keep pace with rising costs, prompting a shift in focus toward new ventures such as custody services and a prediction market platform.