“Unprecedented challenges”: Genesis Trading laid off 30% of employees

Cryptocurrency OTC platform Genesis Trading has reduced its staff by 30% due to the problems faced by the cryptocurrency market in 2022. This publication reports Wall Street Journal.

“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to cut staff,” a company spokesperson said. “These measures are part of our ongoing efforts to manage our business.”

Back in August, Genesis announced that it was going to reduce the staff, which consisted of 260 people, by 20%. CEO Michael Moreau also said he would be stepping down as chief executive and moving into an advisory role.

On Nov. 16, inbound Genesis Trading froze withdrawals and new loans amid “increased requests” from customers following problems with the FTX crypto exchange. Rumors about the possible bankruptcy of Genesis circulated persistently in the community, and the media reported on Genesis’s request for emergency funding of $1 billion. Of course, funding could not be found.

In early December, the popular cryptocurrency exchange Bybit also announced a 30% reduction in staff. The protracted bear market was to blame for everything.

Major U.S. cryptocurrency exchange Kraken announced a 30% staff cut at the end of November. Back in the summer, after the collapse of Luna, the marketplace continued to hire staff, but news of the bankruptcy of FTX forced management to reconsider their strategy.

In early November, another US exchange, Coinbase, also cut 60 jobs.

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