Crypto Exchange Gemini Slashes Jobs Amid Exit From Europe, Australia

Core Insights - Gemini is shutting down operations in the UK, EU, and Australia, and reducing its workforce by 25% to cut operating expenses and focus on profitability [1][3] - The company aims to concentrate on prediction markets, which it believes have significant growth potential [5] Company Operations - Gemini, founded in 2015, expanded to over 60 countries but faced challenges in foreign markets, leading to a decision to streamline operations [2] - The closure of accounts in the affected regions will occur over the next two months, with all accounts closing by April 6 [2] Workforce Reduction - The company is reducing its headcount by 25% to enhance efficiency, particularly by leveraging artificial intelligence [3] Prediction Market Focus - Gemini received a CFTC license in December to launch a prediction market platform in the U.S., attracting over 10,000 users and generating $24 million in trading volume [4] - The founders believe prediction markets could rival or surpass traditional capital markets in size and opportunity [5] Market Reaction - Following the announcement, Gemini's shares fell over 7.5%, trading at $6.77, significantly lower than the IPO price of $28 [5]