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Tracy Wang
Tracy is a deputy managing editor at CoinDesk. It possesses btc, eth, mina, ens, miscellaneous stablecoins, and a few nfts.
Genesis Global Trading laid off more employees on Thursday, a spokesperson for the crypto-trading firm confirmed in a statement to CoinDesk.
A person aware of the case says genesis eliminated about 30% of his workers, which brings him to 145 employees. Genesis previously cut 20% of its workforce of 260 in August.
The sales and business-development departments have been especially hard hit, the person added.
“As we continue to face unprecedented challenges in the industry, Genesis has made the tough decision to downsize our workforce globally," said a Genesis spokesperson in a news release. "These actions are part of our continued efforts to advance our operations. We sincerely appreciate the hard work of our talented, dedicated team as we continue to work towards determining the best outcome for Genesis operations, long-term customers and employees."
The layoffs come after the company sent a letter to its clients on Wednesday saying it would be “reducing costs and driving efficiencies” during a challenging climate for crypto firms.
Genesis, an affiliate of the digital currency group crypto conglomerate (which is also the parent company of coindesk), was affected by the widespread collapse of the market as a result of the failed ftx exchange of sam bankman-fried. In November, Genesis revealed its derivatives business had $175 million in funds unable to be withdrawn. The firm later announced that its lending arm would be halting its own customer withdrawals.
The firm’s August layoffs came after the company filed a $1.2 billion claim against failed crypto hedge fund Three Arrows Capital.
