Українська
Русский
English
Crypto exchange Gemini cuts 30% of staff amid AI growth and $585M annual losses
- Gemini recorded a reduction in staff to 445 employees.
- The company’s decision was influenced by the development of artificial intelligence (AI), as well as total annual losses of $585 million.
- Meanwhile, a number of organizations in the crypto sector have reduced their workforce.
The crypto platform Gemini, founded by the Winklevoss brothers, cut about 30% of its staff since the beginning of 2026. The total number of employees decreased to approximately 445 as of March 1, 2026. This is stated in the company’s report.
The company explained this by business transformation:
“Since the beginning of 2026, we have reduced our workforce by approximately 30%, begun exiting the UK, EU, and Australia, shut down Nifty Gateway, and transitioned to a flatter and more efficient operating structure.”
Gemini also:
- exited several international markets that generated less than 2% of revenue;
- dismissed key top executives (chief operating officer, chief financial officer, and general counsel);
- refocused on business in the United States.
In addition, financial results show a deterioration in the situation, as the loss in Q4 amounted to $140.8 million (compared to $27 million a year earlier), and the total loss for 2025 was $585 million.
One of the pressure factors was Bitcoin volatility. After exceeding $125,000 in October 2025, the price dropped to $60,000 and partially recovered to $70,000:
“A reminder that one of the biggest challenges for crypto developers and investors is the cyclical nature of the market.”
AI is reshaping the crypto business and the labor market
Gemini directly links the layoffs to the growing role of artificial intelligence (AI). The company stated:
“AI has completely changed the game […] making a ‘10x’ engineer now a ‘100x’ engineer.”
According to the company:
- at the end of 2025, AI was used in only 8% of the code;
- now — more than 40%;
- in the future, this figure may approach 100%.
Gemini emphasized:
“Not using AI at Gemini will soon be equivalent to coming to work with a typewriter instead of a laptop.”
The company also expects a transformation of its client base, noting that “it is only a matter of time before machines outnumber humans among our clients.”
Against this backdrop, Gemini is developing a new API — Model Context Protocol (MCP), aimed at AI agents.
It is worth noting that Gemini is not the only company reducing staff amid AI integration and financial difficulties:
- the MANTRA project announced restructuring after its “most difficult year” and a decline in the OM token;
- Messari changed its CEO and began layoffs amid a shift to AI;
- Crypto.com reduced about 12% of its workforce, citing AI implementation.
See also: "Bybit exchange began blocking accounts of users from Russia"
