00:00Welcome back to Decentralized News, just a quick industry news story.
00:04Gemini, the cryptocurrency exchange founded by the Winklevoss twins,
00:10has actually cut down its stuff by 10% because of crypto winter.
00:16So the US-based cryptocurrency exchange did decide that the industry
00:20and its sustained economic downturn has led to them making this decision.
00:26The cryptocurrency exchange itself did say that 10% of its workforce will be cut down immediately.
00:33And the exchange said that, you know, there are macro conditions that are the reasons for this.
00:39Last month, Coinbase also said that it was slowing down on hiring,
00:43meaning that they have been accepted, sort of affected severely with the sort of,
00:51if you want to call it a bear market that we've been in,
00:54or the downward trend in the market.
00:56So Gemini, the cryptocurrency exchange itself and custodian,
01:01also run by these twins, billionaires,
01:04said that the market slump is one of the reasons why they will not be keeping that excess stuff on board.
01:14And yeah, so this is just another one of those things where we see that even the strongest players in the space
01:23are now starting to feel the pinch when it comes to prices of assets going down
01:31and therefore also, you know, needing to make sure that they are not expending too much capital with extra resources that may not be needed
01:42when there is not such a huge demand for crypto assets at this point, especially from the retail traders.
01:50So yeah, this is quite an interesting story.
01:54Let's hope this is not something that's going to be a sustained activity,
01:59because if we start to see some of these big players in the space cutting down,
02:03that just tells you that, you know, going forward,
02:07even the opportunities in the space in terms of the people that work within this space,
02:11companies such as myself, you know, we have to be on the lookout
02:16because some of these companies are not going to survive the bear market.
02:21Running a crypto startup myself, I know how hard it has been.
02:25And yeah, so this was an interesting story that I just picked up.
02:28I thought I'd share with you guys.
02:30Let me know what other stories are going on in the cryptocurrency space that you'd like us to cover here.
02:36Don't forget to also suggest any other stories that you'd like us to hear
02:39or formats that you feel you'd like, whether it's reviews, explainers, guides, that sort of thing.
02:45If you want more information, you can always head on to our main site, decentralized.news,
02:50all the best cryptocurrency exchange reviews, DeFi platform reviews.
02:53And also you can get free tools and resources to sort of help you figure this whole space out.
02:59Also, check out links in the description to my books,
03:02Tokenized, Trillions and Blockchain Applied.
03:05They will help you understand real-world asset tokenization on the blockchain.
03:11And like, share, subscribe, of course.
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03:15See you in the next video.
03:17Peace, guys.
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