Gemini (NASDAQ:GEMI), the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced a new round of layoffs and a strategic refocus on its home market.
In a blog post on Thursday, the company said it will reduce its workforce by roughly 25%, following a previous reduction that brought headcount to about half of its 2022 peak of approximately 1,100 employees.
Gemini cited advances in artificial intelligence as a key factor in the workforce reduction. In the post, the company noted that AI has significantly increased productivity across engineering and non-engineering roles, allowing the company to operate efficiently with fewer employees.
In addition to the layoffs, Gemini said it will exit the UK, EU, and Australian markets to concentrate on operations in the United States. The company described the move as part of a broader strategy to simplify operations, reduce costs, and accelerate profitability.
Gemini also highlighted its ongoing investment in prediction markets, including its Gemini Predictions platform, which launched in mid-December. The company said the platform has already attracted over 10,000 users trading more than $24 million and is expected to play a central role in its future strategy.
Following the announcement, Gemini’s stock dropped more than 7% to about $7.