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Seeking Alpha

2023-01-05 17:41:11

Troubled crypto broker Genesis is said to cut 30% more of staff

Troubled crypto broker Genesis is said to cut 30% more of staff

Genesis Global Trading, the struggling cryptocurrency brokerage and lender, laid off 30% of its workforce in a second round of job cuts, The Wall Street Journal reported Thursday, citing people with knowledge on the matter. The layoffs come after the crypto trading firm's CEO reportedly sent out a letter to clients Wednesday saying it's still working to sort out its poor financial health, including implementing cost-cutting measures, in the wake of a tough environment for the wider crypto ecosystem. In August 2022, Genesis' Michael Moro dropped his CEO role as crypto broker reduced 20% of workforce .

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