Due to the shrinking market value, cryptocurrency exchange Gemini is considering converting the Winklevoss brothers' loan into equity

Odaily News Cryptocurrency exchange Gemini's market value has shrunk by over 50% this year, and it has laid off 30% of its staff. Internally, discussions are underway to request founders Tyler Winklevoss and Cameron Winklevoss to forgive the hundreds of millions of dollars in loans they provided to the company, or to convert the debt into equity. As of the end of December, Gemini owed 4,619 bitcoins, valued at over $330 million at current prices. Securities filings show that Gemini lost $585 million last year. Additionally, the company plans to exit the UK, EU, and Australian markets, and several senior executives have already left. Currently, the Winklevoss brothers hold the majority of voting rights and have not yet indicated whether they support this plan.