Gemini Approved as a Virtual Asset Service Provider in Ireland

Gemini cryptocurrency exchange has been registered as a Virtual Asset Service Provider (VASP) in Ireland. The approval was provided by the central bank of Ireland.

Gemini is the first crypto exchange to be approved as VASP in the country. The exchange opened its HQ in Ireland (Dublin) in 2021. Gillian Lynch, the Head of Ireland and EU said the following on the approval: "We are excited to offer our products and services to individuals and institutions in Ireland and countries in Europe.

"Crypto investors will be able to access Gemini’s exchange and custody services to buy, sell and store over 100 cryptos with EUR and GBP."

The news arrived after Gemini announced a reduction in its workforce. Approximately two months ago Gemini announced it is cutting its workforce by approximately 10% due to market conditions.

Further Downsizing at Gemini?

It has been speculated that Gemini will reduce its workforce by 7% (around 68 people). According to TechCrunch, a document that surfaced on the Blind anonymous network on 14 July (which has been removed) showed the crypto exchange is planning to downsize its workforce to 800 employees.

Cameron Winklevoss, the Co-Founder of Gemini allegedly made the following statement to the company on Slack: "It’s come to my attention that at least one team member thinks it’s a good idea to post a snippet of our technology operating plan on a third party website [Blind].

“Wow, super lame … if you are leaking company information, you are exhibiting a low level of consciousness and respect for your fellow team members who greatly benefit from the openness we are trying to create and foster here.

“We are going to the moon. We are going to need cosmic consciousness to get there. Earthly consciousness will not be enough. If you are exhibiting the behavior of a first-time human, time to level-up or respectively bow out, if for no other reason but to avoid an expensive bill in the future.”

It is worth noting that other companies in the crypto industry have laid off employees. OpenSea cut 20% of its employees, citing 'crypto winter' as the root cause. Several weeks ago ByBit announced it is laying off 30% of its workforce.