Hello, everyone... I am quite concerned after reading all the posts about the politics at our company here. I joined recently, can anyone clue me in on what is going on? Like what's with the sudden firing of our CTO and why did the person we extended the CTO offer to turn it down after months of effort working with our recruiting partners? What is the HR policy people are talking about where they discourage promotions for South Asian and East Asian employees? I have noticed some people have already left Gemini since I've joined not long ago, should I be concerned? And are PIUs really that sketchy? I have documents with instructions to report them to the IRS as being worth $0.
Your internal company feed should have more information.
Would be good to know from everyone though, because you may get more details on the bad stuff from folks that have already left the company.
Was approached recently by an EM from Gemini and decided not to respond because of current employees warning not to join... Sounds pretty bad. :(
PIUs are what's available in an LLC. They can't do RSUs. They are 0 value at grant, so you don't have to pay taxes on the grant. I'm new to Gemini and it's been a good place to work so far. The one bad thing is that they are 5 years behind in the DevOps stack. They are working on this though.
LLCs can offer equity. lol yes the good ole "taxes" argument. what's next you gonna tell me the value of the PIUs cannot be determined because of "complicated options math?" FYI management is dodgy here they always use phrases like "complicated options math" or "tax reasons" to not answer basic questions. This company is more than 5 years behind in DevOps. Gemini is lightyears behind Coinbase from technology to product strategy. People who has say in office politics here know nothing about crypto or technology in general. Look at our company blog posts compared to Coinbase's. It's night and day, our "leaders" are all BS and have no opinions of their own or insights to offer. The only thing stopping this company from folding is the Winklevoss Bitcoin money. The losses will keep piling up though, at a certain point even they will wake up and cut their losses.
I guess we all waiting for a valuation.
I have a feeling it won’t be good and a lot of people will dip.
Management have good reason not tell everyone what the 409A valuation is. The smart thing to do for them is to lie and say we are worth many times more than the 409A valuation. If we all know the truth, it will only add fuel to this dumpster fire.
Gemini just announced 400M external funding at 7B valuation. But the founders mention that they have not sold their stakes in this round. How is that possible ?
No one internally is impressed. The consensus is that it is a desperate attempt to get into the news to attract recruits to replace the bleeding of talent. No one here has ever heard of morgan creek digital before. Everyone is wondering why we couldn't get a known investor, given that well known VCs are dumping money into crypto startups that are less than reputable.
+1 not impressed
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Why was the CTO fired? What’s PIUs?
Fired because of political unrest, internal coup. PIUs is something Gemini uses to scam its employees.