Shares in publicly traded crypto exchange Gemini (GEMI) have fallen more than 14% on Tuesday following word that the firm has decided to part ways with three of its executives following a recent announcement of mass layoffs across the company.
Gemini Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade will be replaced in the interim by Danijela Stojanovic and Kate Freedman, respectively. Marshall Beard, the firm’s chief operating officer, will also depart and leave the board, though his executive role will not be filled. Instead, Gemini co-founder Cameron Winklevoss will assume his responsibilities.
“As part of the Gemini 2.0 transformation, we are making changes to our executive team,” an updated blog post from Cameron and his brother Tyler Winklevoss reads. “We do not plan to backfill the COO role at this time,” it adds, noting that Cameron, who currently serves as president of the firm, will “be taking over the revenue-generating responsibilities of the COO.”
Alongside that announcement, Gemini also indicated that it would leave foreign markets like the United Kingdom, Australia, and the European Union, with the firm’s founders admitting that they “don’t have the demand in these regions to justify them.”
Now, however, its intraday market cap is around $760 million according to data from Yahoo Finance.
