Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is reducing its workforce by 25% and exiting the UK, European Union, and Australia to focus on prediction markets and the U.S. market. Announced in a blog post on February 5, the changes aim to streamline operations and expedite the path to profitability amid challenging market conditions. Gemini is evolving its mission, emphasizing the growth of its prediction market platform, Gemini Predictions, which has attracted over 10,000 users and facilitated over $24 million in trading since its December launch. The Winklevoss twins highlighted the transformative impact of artificial intelligence on operational efficiency, allowing the company to do more with fewer resources. As part of the transition, all customer accounts in the exited regions will enter withdrawal-only mode by March 5, with closures set for April 6. Furthermore, Gemini will continue to innovate with a super app representing the “future of money and markets.”
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