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)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/fa5ce9a3-9c4d-4ed4-bb04-c7af51bf1a0d.jpg)
Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.