Gemini announces exit from UK, EU, Australia, slashes workforce
Gemini, a US-based cryptocurrency exchange founded in 2015, will focus on growth in the United States due to its deep capital markets.
Crypto exchange Gemini announced its exit from the United Kingdom, European Union and Australia markets on Thursday, as the company slashed its workforce by 25%.
Gemini cited artificial intelligence automating labor and making engineers “100x” more efficient, and a more challenging business environment in the UK, EU and Australia, as reasons for the exit, according to Thursday’s announcement:
“We don’t have the demand in these regions to justify them. The reality is that America has the world’s greatest capital markets,” the announcement said.