Crypto lender Genesis cuts its workforce by 30%

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On Thursday, cryptocurrency trading firm Genesis Global Trading laid off a significant portion of its employees, according to a statement provided to CoinDesk. The company is said to have laid off around 30% of its workforce, bringing its total number of employees down to 145.

According to CoinDesk, Genesis Global Trading has laid off a significant number of employees, according to a spokesperson for the cryptocurrency trading firm. The move follows a letter sent to customers on Wednesday, in which the company mentioned that it would reduce costs and increase efficiency during a difficult time for crypto businesses.

According to reports, the subsidiary of Digital Currency Group (which is also the parent company of CoinDesk) was affected by the recent market crash caused by the failure of Sam Bankman-Fried’s FTX exchange. The company has also informed its customers that it is currently working on a solution to resolve the problems in its loan unit and that it will need more time to implement it.

According to CoinDesk, the company released a statement saying: As we continue to face unprecedented challenges in the industry, Genesis has made the difficult decision to downsize our workforce globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’ business, customers and employees over the long term.

In November, Genesis revealed that its derivatives business had $175 million in funds that could not be withdrawn. The company later announced that its lending arm would also suspend customer withdrawals.

This isn’t the first time Genesis has had to lay off; the company had previously cut 20% of its workforce in August, which affected nearly 260 employees. The layoffs were in response to a $1.2 billion claim that was filed against failed crypto hedge fund Three Arrows Capital.

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