In a significant transformation, Gemini, the cryptocurrency exchange established by the Winklevoss twins, is laying off a quarter of its workforce while discontinuing operations across the United Kingdom, European Union, and Australia. This restructuring is designed to sharpen the company’s focus on the U.S. market, integrating advancements in artificial intelligence and prediction markets into its operations.
This strategic shift is underscored by recent market conditions, notably as Bitcoin prices fell below $70,000 this week, diminishing the gains seen since the cryptocurrency peaked at $69,000 in late 2021. By narrowing its geographic presence and streamlining product offerings, Gemini aims to enhance operational efficiency and reduce costs to boost its path toward achieving profitability.
The company recently unveiled its “Gemini 2.0” initiative, which emphasizes the effectiveness of smaller, AI-enhanced teams in aligning with its evolving objectives. In conjunction with this announcement, Gemini revealed the ongoing success of its Gemini Predictions platform, which has facilitated over $24 million in transaction volume since its launch last December.
In a related development, Gemini announced the forthcoming closure of its NFT marketplace, Nifty Gateway, slated for February 23 due to a sustained downturn in trading volume within the NFT sector. Current users are advised to withdraw their assets ahead of the closure, although Gemini Wallet will continue to support NFT transactions.
Amid these announcements, Gemini's stock, which debuted in September 2025, reflected the pressures facing the crypto market, with shares dropping nearly 7% in a single day. This decline extends combined losses approaching 80% from its initial public offering price, marking a challenging period for the firm.