I noticed an interesting trend—apparently, a 30% staff reduction has become the new norm in the crypto industry. Gemini has joined this wave as well, letting go of a third of its workforce right at the beginning of this year.

It seems that as of early March, the company had about 445 people left. Considering this happened after previous rounds of layoffs, during which the company exited the UK, EU, and Australia, and also parted ways with top management, the picture looks pretty bleak.

What’s interesting is that the financial situation there is clearly critical. Full-year losses totaled $585 million, including unrealized losses from crypto assets. In the fourth quarter, losses surged to $140.8 million versus $27 million a year earlier. Revenue, of course, increased by nearly 40% to $60 million, but that’s a drop in the ocean against the scale of these losses.

According to Kaiko, the company holds less than 1% of the global market—a very modest position. For comparison, other major players operate on an entirely different scale, which makes the 30% staff reduction more of a compelled measure than a strategic choice.

But Gemini isn’t alone in this. Across the entire industry, restructuring is underway: companies are cutting headcount in an effort to adapt to the shift toward artificial intelligence and changing market conditions. This is not just a local trend, but a systemic phenomenon.

The wave of layoffs has affected many players. Several major projects went through similar restructurings at the same time, cutting staff by 20–25%. Even major blockchain companies have not been able to avoid this path.

Overall, it seems the industry is going through a transitional period. Low trading volumes, macroeconomic uncertainty, and falling prices—all of this is putting pressure on margins. Companies are forced to seek efficiency through automation and AI, which inevitably leads to a 30% reduction in jobs. It’s interesting to see how quickly the market is adapting to these new realities.