Genesis Global Trading laid off additional employees on Thursday, a spokesperson for the crypto trading company confirmed in a statement to CoinDesk. A person familiar with the matter said Genesis cut about 30 percent of its workforce, bringing it down to 145 employees. Genesis has reduced its workforce by 20 percent from 260 people in August. The retail and trade sector has been tough, the person added.
“As we continue to face unprecedented challenges in the industry, Genesis has made the difficult decision to reduce our global operations,” a Genesis spokesperson said in a statement. . “These initiatives are part of our ongoing efforts to drive our business forward.
We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to achieve the best results for Genesis’ business, customers and employees. in the long run.
The fee reduction comes after the company sent a letter to clients on Wednesday saying it will “reduce costs and increase efficiency” in a difficult situation for crypto transactions. Genesis, a subsidiary of crypto conglomerate Digital Currency Group (which is also the parent company of CoinDesk), was hurt by the widespread market meltdown resulting from the collapse of Sam Bankman-Fried’s FTX exchange. In November, Genesis revealed that its derivative business had $175 million in undistributed cash. The company later announced that its lending arm would end the foreclosure on its customers.
The company’s bankruptcy in August came after the company filed a $1.2 billion lawsuit against defaulting crypto hedge fund Three Arrows Capital.
