Gemini Crypto Exchange Fires 25% Of Staff, Blames AI

Gemini, the cryptocurrency exchange founded and run by Cameron and Tyler Winklevoss, will lay off as many as 200 employees globally. The news came amid an announcement that the company would be withdrawing from the UK, EU, and Australia. "These foreign markets have proven hard to win in for various reasons," they said. They also announced that they would be "parting ways" with their CFO, CLO, and COO.As many companies do these days, the Winklevosses tried to pin the layoffs on AI, claiming that the engineers using AI are ten times more productive. "A smaller organization, leveraging the right tools, isn't just more efficient, it's actually faster," they wrote — in a blog post that itself reeks of AI. "Gemini 2.0: A Bridge to the Future of Money and Markets" , Gemini blog