By Prakhar Srivastava Feb 5 (Reuters) – Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said on Thursday it plans to cut up to 200 jobs globally and focus operations in the U.S. and Singapore, as part of a broader cost-cutting effort. The planned layoffs, which involve about a quarter of its workforce, will affect staff in Europe, the U.S. and Singapore, the company said. The year has opened with widespread layoffs across U.S. companies as they trim costs and sharpen operational focus. Gemini also approved a plan to wind down operations in the UK, the European Union, other European jurisdictions and Australia, leaving it to operate in the U.S. and Singapore. "We expect this will help reduce our total expenses in line with our headcount reduction and meaningfully accelerate our path to profitability even in the backdrop of the current crypto market," Winklevoss twins said in a blog. Shares of the New York-based company fell about 7% in afternoon trading. As of Wednesday's close, the stock was down about 73.8% from the $28 offer price in its September IPO. The company expects to substantially complete the layoffs and the wind-downs of operations by the first half of 2026, subject to local legal and consultation requirements. Gemini estimates it will incur about $11 million in pre-tax restructuring and related charges. Most of the charges are expected to be recorded in the first quarter. "We believe streamlining the business is the right decision here for the long-term," said Truist analyst Matthew Coad in a note. "Management now must shift its strategy from investing to regain lost market share to staying afloat during a crypto downturn," he said. The Winklevoss twins rose to prominence after suing Facebook and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock. (Reporting by Prakhar Srivastava in Bengaluru; Editing by Anil D'Silva, Sahal Muhammed and Vijay Kishore)
(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
