Gemini Undergoes Significant Restructuring Amid Crypto Market Downturn

Gemini, one of the prominent players in the cryptocurrency market, has been forced to restructure its operations due to the decline in the crypto market. The company's stock price has plummeted over 80% from its post-IPO highs, and revenue growth has lagged behind expenses.

The restructuring plan includes laying off around 200 employees, which is approximately 25% of Gemini's global workforce. This move aims to reduce operating expenses and streamline operations towards a leaner model, partly enabled by the increased use of AI in engineering and other roles.

Gemini is also exiting its operations in several international jurisdictions, including the UK, EU, and Australia, which will simplify its operations but shrink its global footprint. The company's emphasis is now shifting towards custody services and its newly launched prediction markets platform, as these areas offer a more stable and fee-based revenue stream.