Genesis Trading Layoff 30% of its Workforce

January 6, 2023

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Genesis Trading Layoff 30% of its Workforce

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A source from the crypto lending firm Genesis Trading revealed on Friday that the firm has fired 30% of its staff which equals 145 staff, Wall Street Journal reports.

The layoff is necessary to move the company forward amid challenging climates for cryptocurrency firms, as per a statement by the spokesperson.

“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients, and employees for the long term,” the Genesis spokesperson said in a statement.

This layoff didn’t come as a surprise as the firm had earlier sent an email to its clients on Wednesday that it would be reducing costs and driving efficiencies in the challenging period of cryptocurrency companies globally.

Recall that MyCryptoParadise reported a layoff by Genesis Trading in August, a layoff that came just after Genesis filed a $1.2 billion claim against the bankrupt crypto 3AC.

Digital Currency Group (DCG) is the parent company of Genesis Trading, it is also the parent company of Grayscale, one of the largest holders of Bitcoin.

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