Gemini is undertaking a significant restructuring in response to a 40% drop in Bitcoin prices, which has adversely affected its growth strategies. The firm has laid off up to 25% of its workforce and exited markets in the UK, EU, and Australia, resulting in its stock plummeting by 80% from its peak. In light of ongoing bear market conditions, Gemini is shifting its focus to prediction markets, a sector identified as a potential growth area for exchanges seeking stable revenue streams outside traditional spot trading.
Gemini cuts staff, exits markets after Bitcoin’s 40% drop
