Genesis lays off 30% of its staff
Crypto lender firm Genesis Global Trading Inc has announced via a spokesperson that it lays off 30% of its staff. Genesis had already cut their workforce by 20% previously on August. Those cuts come right after the company had announced that they will be reducing costs and driving efficiencies during challenging times for the crypto space.
According to Wall Street Journal, the firm is also considering filing for Chapter 11 bankruptcy. The company is working with investment Bank Moelis & Co to evaluate its options. Undoubtedly, difficult times lie ahead for the crypto firm, following the collapse of FTX exchange. The firm which was already exposed to big losses from loans to trading firm “Alameda Research” and crypto hedge fund “Three Arrows Capital” (both now bankrupt), froze customer withdrawals last November.
Genesis is a subsidiary of crypto conglomerate Digital Currency Group, which is also the parent company of CoinDesk (a popular website with news & information about blockchain and crypto) and Grayscale (the world’s largest digital currency asset manager).