Are you seeing this wave of layoffs happening at exchanges? Gemini just cut 30% of its staff — down from 445 to much less in just a few months. And that’s not all: nearly $600 million in losses last year, revenue going up but losses exploding even more. The Winklevoss are betting heavily on AI to try to improve efficiency, but clearly it’s complicated.

What catches my attention is that it’s not just Gemini doing this. Almost every exchange is trimming their payroll — other platforms cut 12%, 25%, and so on. The crypto market is under pressure: Bitcoin about 44% below its peak, weak trading volume, volatility everywhere. When the market crashes, smaller players suffer a lot more.

Gemini has less than 1% of the global market. To compare, larger platforms have 40 times higher volume, with many more people working. I wonder if these aggressive cuts will be able to save the company or if it’s just a band-aid while they wait for the market to turn around. Do you think it will get better?