Crypto venture capital company Digital Currency Group (DCG) has promoted Chief Operating Officer Mark Murphy to president amid a restructuring in which some 13% of its staff departed, Bloomberg reported on Wednesday.
Around 10 employees left the Stamford, Connecticut-based firm, bringing its headcount to 66, the report said, citing a person familiar with the matter.
Murphy has become the firm's first president, having been at DCG for over four and a half years, including nearly three as COO.
DCG is the parent company of CoinDesk, as well as digital asset manager Grayscale Investments and crypto brokerage Genesis Trading.
Genesis has also cut large swathes of its staff in recent months after suffering massive losses to Three Arrows Capital after the hedge fund filed for bankruptcy. Genesis has filed a $1.2 billion claim.
Crypto firms across the industry have been forced to make cuts to their headcount since the market hit a slump this summer. According to CoinDesk estimates, 11,700 crypto jobs had been lost since the beginning of April, based on media reports and press releases.
DCG did not immediately respond to CoinDesk's request for comment.
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 group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. 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.