Economic news

Genesis is laying off staff masse

2023.01.05 13:16

 


Genesis is laying off staff masse

Budrigannews.com – According to a person familiar with the situation, Genesis, a cryptocurrency company, has cut 30% of its workforce in a second round of layoffs in less than six months. This comes as pressure on executives in the crypto industry grows to cut costs in the wake of a downturn.

Following the collapse of the major cryptocurrency exchange FTX in September, a number of businesses have experienced a decline in investor interest. Silvergate Capital, a cryptocurrency-focused bank (NYSE:) Additionally, the company stated that it would reduce its workforce by forty percent.

A Genesis spokesperson confirmed, “As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally.”

The Wall Street Journal was the first to report on the layoffs.

In August, Genesis, based in New York, also laid off 20% of its employees. The company had around 260 employees before the two rounds of layoffs.

Genesis Global Capital, the lending arm of the cryptocurrency company, froze customer withdrawals in November due to “unprecedented market dislocation” following the collapse of the major cryptocurrency exchange FTX.

Investors are fleeing risky assets as a result of higher interest rates and fears of a downturn in the economy.

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Genesis is laying off staff masse

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