Are you seeing this trend of massive layoffs at exchanges? Gemini just cut 30% of its staff, now with 445 people. That’s after already eliminating a quarter of the team before. The guys are trying to get by with AI, but it’s tough when you’re losing $585 million a year.

What’s most striking is that revenue grew nearly 40% in the last quarter, reaching $60 million, but losses skyrocketed to $140 million. In other words, they’re making more but losing a lot more. Bitcoin has fallen 44% from its peak, the market is tense, and people are starting to cut costs.

It’s not just Gemini. Almost the entire industry is reducing its workforce now. The situation is so bad that even Algorand cut 25%, and other smaller players are also trimming staff. Meanwhile, Coinbase has nearly 5,000 employees and a trading volume 42 times higher. The size difference is staggering.

This thing of workforce reduction has really become a trend, everyone talking about efficiency and AI. But is it really working or is it just desperation?