Crypto Firms Cut Jobs as Gemini Slashes 30% Workforce

• Gemini deepens layoffs by 30% as losses widen, despite stronger Q4 revenue.
• Gemini exited UK, EU, and Australia operations amid broader restructuring efforts.
• AI adoption accelerates layoffs as Crypto.com trims roles to align with automation strategy.

Crypto firms are reducing headcount as financial pressure and operational restructuring reshape the sector, with recent disclosures from major exchanges pointing to continued workforce adjustments tied to cost controls and technology adoption.

Crypto exchange Gemini has reduced its workforce by about 30% since the start of the year, bringing total headcount to roughly 445 employees. The cuts extended beyond the earlier-announced 25% reduction, with additional layoffs affecting U.S.-based staff.

The company reported a full-year net loss of approximately $585 million for 2025, including unrealized losses linked to crypto asset valuations. In the fourth quarter, revenue reached around $60 million, exceeding analyst expectations of $50.6 million and marking a nearly 40% year-over-year increase. However, losses widened with a quarterly net loss of $140.8 million compared to $27 million in the same period of 2024.

Gemini also implemented structural changes alongside the layoffs. The firm exited operations in the United Kingdom, European Union, and Australia, while several senior executives, including the chief operating officer, chief financial officer, and chief legal officer, departed the company.

In addition, Gemini introduced artificial intelligence tools aimed at improving efficiency, positioning automation as part of its operational strategy.

AI integration and Cost Pressure Drive Industry Cuts

Separately, Crypto.com confirmed a workforce reduction of approximately 12%, affecting around 180 employees based on a previously reported headcount of more than 1,500. The company linked the move to a broader shift toward enterprise-wide artificial intelligence integration, targeting roles that do not align with the new operational model.

This marks Crypto.com’s third round of layoffs since 2022. Earlier reductions included a 5% workforce cut during a macroeconomic downturn and a subsequent 20% reduction following the collapse of FTX in 2023.

Layoffs Follow Earlier Restructuring Cycles

The latest job cuts follow a pattern created during previous market disruptions. In 2022, Gemini conducted multiple rounds of layoffs, including reductions of 10% and 7% across different periods. At the time, the company cited persistent macroeconomic challenges and industry-related disruptions, including exposure to the bankruptcy of crypto lender Genesis. That incident affected approximately $900 million in customer funds tied to the Gemini Earn program. 

Across the industry, many firms also implemented significant workforce reductions during that period. Exchanges such as Coinbase, Huobi, and Crypto.com each reduced headcount by around 20%. Blockchain.com and OSL reported cuts of roughly 30%.

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