Cryptocurrency exchange Gemini has laid off approximately 30% of its staff since the beginning of the year.

PANews reported on March 20th, citing Bloomberg, that cryptocurrency exchange Gemini has laid off approximately 30% of its workforce since the beginning of the year, currently employing around 445 people. In its shareholder letter, the company stated that it is deploying artificial intelligence tools to improve productivity. Gemini lost over $500 million last year, and while its fourth-quarter revenue increased by nearly 40% year-over-year to approximately $60 million, its losses widened to $140.8 million. Its share price has fallen nearly 40% year-to-date, and its market capitalization is less than one-tenth of Coinbase's. Earlier this year, Gemini announced its withdrawal from the UK, EU, and Australian markets and replaced several senior executives. The company is shifting its focus to a prediction market platform, but has already faced investor lawsuits as a result.