Crypto platform Genesis cuts staff by 30% amidst “market turmoil”

Last Updated on 1 hour by John Piper

According to Wall Street Journal reports, Genesis Global Trading, a cryptocurrency lending platform, had to lay off almost a third of its employees.

Genesis has reportedly cut its staff by 30% in the latest round of layoffs, which is the second in six months. After the collapse of crypto exchange FTX, there has been increased uncertainty in cryptocurrency. Genesis stopped withdrawals in November. This disqualified users from withdrawing money from the exchange and also stopped new loans. The firm stated that the suspension was due to “unprecedented markets turmoil”. Sources close to the matter say that Genesis may also consider bankruptcy.

Genesis previously borrowed a substantial amount from Three Arrows Capital – a company that filed for bankruptcy 2022 – and Alameda – which resides in the FTX Group. This legal action has involved FTX.

Genesis announced in August that it would reduce its workforce by 20% to lower costs. The CEO Michael Moro stated at the same time that he would be leaving his leadership position and taking on an advisory role.

In a recent update, Genesis informed clients that it will be cutting costs to keep operations going. This is part of its business plans this year.

“We have made significant progress in refining Genesis’ business plans. This is a key component of this process. This includes reducing costs, improving efficiency and streamlining all of our business lines. As we start the new year, we believe that our focus on improving our business will continue to move us in the right direction. We also hope to offer more options for the loan business em>

Coin Insider’s first article, Crypto platform Genesis reduces staff in the face of market turmoil, appeared first on Coin Insider.

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