Gemini, Crypto.com, Block Cut Hundreds of Crypto Jobs Amid Bear Market

A wave of crypto job cuts in early 2026 has swept through the industry.

“Crypto firms cut hundreds of jobs in weeks, blaming weak markets, strong AI A wave of crypto job cuts in early 2026 exposes the gap between two convenient narratives: macro headwinds and AI transformation”

@coindesk

Major companies including Gemini, Crypto.com, Algorand Foundation, OP Labs, PIP Labs, and Messari have all announced significant staff reductions.

@coindesk

The cuts expose the gap between two convenient narratives being used to justify layoffs - macroeconomic headwinds versus AI transformation.

Industry observers note this represents the latest downturn in a volatile sector.

Employment levels in crypto have historically been closely tied to cryptocurrency price fluctuations and market sentiment.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has been one of the hardest hit companies.

The firm initially announced plans to eliminate roughly 200 positions, representing about 25% of its staff in February 2026.

CoinDesk

By mid-March, the layoffs had expanded to approximately 30% of the workforce.

This significant reduction comes amid financial challenges, as Gemini reportedly lost $585 million during 2025.

The company had already taken steps to reduce costs by closing its doors to European clients earlier in the year.

Crypto.com, the Singapore-based cryptocurrency exchange, has also implemented substantial workforce reductions.

The company announced on March 20, 2026 that it would be trimming 12% of its employees.

This affects approximately 180 staff members.

As a privately held company, Crypto.com's financial results are not publicly available.

The exchange joins several other major crypto firms in implementing staff reductions.

The Algorand Foundation cut 25% of its fewer than 200 employees, citing macroeconomic factors.

The layoffs reveal a complex interplay between market conditions and technological transformation.

Companies cite multiple reasons for workforce reductions.

@coindesk

These include weak token prices and market downturns.

AI integration strategies are also being cited.

The Algorand Foundation explicitly cited macroeconomic factors.

OP Labs laid off 20 employees despite having solid financial resources.

This suggests even well-funded companies are reevaluating workforce needs.

Messari has experienced particularly severe workforce reductions.

“Crypto firms cut hundreds of jobs in weeks, blaming weak markets, strong AI A wave of crypto job cuts in early 2026 exposes the gap between two convenient narratives: macro headwinds and AI transformation”

CoinDesk

The firm has laid off staff three times since 2023.

CoinDesk

It has shrunk from a target of 1,000 analysts to roughly 140 employees.

Messari has rebranded as an 'AI-first company.'

The latest layoffs coincided with a CEO change.

Eric Turner announced stepping down on March 16, 2026.

Diran Li is taking over as CEO.

Both confirmed 'a lot of people' were let go without exact numbers.