Genesis CEO Michael Moro is stepping down, and with him, 20% of the company's workforce will have to leave.
The crypto winter continues to blow an icy breeze into the face of many crypto exchanges and companies.
Genesis is the next crypto company to reduce its workforce, as it announced it would let 20% of its workforce go, according to Bloomberg. This follows major losses due to the collapse of crypto VC fund Three Arrows Capital. Gensis' parent company, Digital Currency Group (DCG), had filed a $1.2 billion claim against 3AC in July.
Among the people leaving the company will also be CEO Michael Moro, who will be replaced by the current CEO Derar Islim on an interim basis. Furthermore, SAC Capital and Point72 Asset Management President Tom Conheeney joins the company as a board member and senior adviser.
A statement by Islim reads:
"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.
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."
Genesis follows in the footsteps of other companies like OpenSea and Coinbase, which had previously announced workforce cuts.
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