Market Maker GSR Cuts Staff Amid Crypto Winter
The trading shop cut less than 10% of staff to “continue to position our business for long-term growth,” a spokesperson told CoinDesk
Oct 11, 2022 at 4:58 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7RWCL6KDHJA2HMLKH5O63GAH3A.jpg)
The cuts came in the third quarter. (Danny Nelson/CoinDesk)
Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Crypto market maker GSR laid off staff “as part of structural changes” in the third quarter, the company confirmed to CoinDesk, becoming the latest trading shop to downsize growth ambitions amid chilly crypto winter.
GSR cut “less than 10%” of staff, the spokesperson said; GSR’s website boasts of 300 employees globally.
“After a period of rapid expansion, our focus is on improving overall efficiency and continued development of our technology and trading capabilities,” the spokesperson said.
The belt-tightening extends a wave of layoffs that have swamped crypto exchanges, staking companies and trading houses all trying to navigate the prolonged market selloff. GSR is a liquidity provider, over-the-counter and options trading desk and investor with its finger on the pulse of those markets.
GSR is planning to build out its Investment Management arm as well, the spokesperson said.
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Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
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Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
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