One of New York’s leading cryptocurrency exchanges has reportedly had to cut 10% of its employee workforce as the bear run continues in the crypto market. Founded by Cameron and Tyler Winklevoss, Gemini has been one of cryptocurrency’s well-known exchanges and stands as the latest industry institution to have to lay off staff members amidst the current crypto climate.

According to a Bloomberg report, Gemini Trust issued a notice to employees yesterday announcing plans to slash 10% of the company’s workforce in order to protect the future of the firm. As per the notice issued, the founders reportedly noted:

“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as “crypto winter. This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone.”

According to the report, Gemini will be shifting focus to “only on products that are critical to our mission.”

Crypto exchanges in the crypto winter

The bear market is having an impact across the industry. As per the Winklevoss’ announcement, Gemini really isn’t the only firm to suffer a staff cutback. Coinbase Global Incorporated recently announced that it would be putting a hiring freeze for both new and current positions, having to rescind several accepted offers for new roles. This freeze for the current leading crypto exchange will remain in place “for the foreseeable future” as the market continues to struggle to regain strength.

Robinhood, another leading cryptocurrency trading platform, has also had to slice its workforce, laying off 9% of employees as Robinhood stocks reach all-time lows.

Despite this news, however, the crypto job market overall doesn’t seem to be coming to a halt. According to reports, career opportunities in the crypto and blockchain space are still ticking along with recruiters and career platforms like LinkedIn seeing major attention to hire new talent.