Some weeks after the court filings showed that the crypto broker Genesis lent $2.4 billion to the now insolvent crypto hedge funds, Three Arrow Capital, Genesis Global Trading has decided to lay off 20% of its staff.
Alongside the staff lay off announcement, the firm also announced the departure of Michael Moro, the firm’s CEO.
Genesis boasts of a total number of 260 staff, of which the laid off 20% is equivalent to 52 employees, all affected staff are expected to leave the company from the day the layoff was disclosed (Thursday).
The CEO of the company, Moro has also announced his intention to leave the company, the company’s COO Derar Islim will now be the interim CEO while Genesis finds Moro’s replacement.
According to the release, Genesis is also making some management changes, Financial Services Executive Tom Conheeney will consult Genesis as a Senior Advisor, joining the board of directors. Genesis is also adding a new Chief Risk Officer, CFO, and other top executive positions.
In a comment by Islim, the company’s COO, he said;
“Our clients look to Genesis to provide integral capital and execution services across their digital asset portfolios […] The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future.”
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Genesis is Affected by the Crypto Winter
Just like other crypto firms, especially lending firms, Genesis is also affected by the crypto market downturn that has left many crypto firms losing their substantial value.
In July, there was news across the crypto world that Genesis was the largest creditor of the now insolvent Three Arrow Capital, according to the report, 3AC owed Genesis about $2.5 billion.
Genesis is widely known in the crypto space for offering the first over-the-counter Bitcoin (BTC-USD) trading desk in 2013, it crypto offering even though it lag behind in offering some crypto like BNB-USD makes it relevant in the crypto industry.
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