Feb 5 (Reuters) - Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said on Thursday it approved a plan to cut up to 200 jobs globally and operate only in the
Gemini Exchange to Cut 200 Jobs and Exit European and Australian Markets
Gemini's Strategic Restructuring
Feb 5 (Reuters) - Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said on Thursday it approved a plan to cut up to 200 jobs globally and operate only in the U.S. and Singapore, under a broader cost-cutting effort.
Impact of Layoffs on Operations
The layoffs, which involve about a quarter of its workforce, will affect staff in Europe, the U.S. and Singapore, the company said.
Financial Implications of Restructuring
The year has opened with widespread layoffs across U.S. companies as they trim costs and sharpen operational focus.
Background on the Winklevoss Twins
Gemini also approved a plan to wind down operations in the UK, the European Union, other European jurisdictions and Australia, leaving it to operate only in the U.S. and Singapore.
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, largely cash, tied to severance, notice pay, employee benefits, facility exit costs, contract terminations and professional fees.
Most of the charges are expected to be recorded in the first quarter.
Shares of the New York-based company fell about 6% in early trading. As of Wednesday's close, the stock was down about 73.8% from the $28 offer price in its September IPO.
The Winklevoss twins rose to prominence after suing Facebook and its CEO Mark Zuckerberg, and later earned the nickname "Bitcoin twins" after investing part of their settlement in the cryptocurrency and becoming one of the world’s first crypto billionaires.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Anil D'Silva and Sahal Muhammed)
