Gemini has made another round of layoffs, affecting seven per cent of its staff, according to TechCrunch. In better news, the cryptocurrency exchange has received the first Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland.
Citing sources, TechCrunch says that Gemini has reduced its headcount by 68 due to "extreme cost cutting".
The move comes just weeks after founders Cameron and Tyler Winklevoss announced a 10% reduction in the workforce, blaming a “crypto winter” compounded by wider "macroeconomic and geopolitical turmoil".
Meanwhile, the VASP registration will allow Gemini to provide its crypto services to individuals and institutions in the Irish market.
Gillian Lynch, head, Ireland and Europe, Gemini, says: “This is a huge step towards offering our cryptocurrency services in Ireland. We believe that regulation is vital to protect investors and offer a safe experience with digital assets."