Crypto Lender Genesis Lays Off 30% More of Its Staff

The job cuts come a day after the company said it would be “reducing costs and driving efficiencies” amid a challenging environment for crypto companies.

AccessTimeIconJan 5, 2023 at 5:27 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Genesis Global Trading laid off more employees on Thursday, a spokesperson for the crypto-trading firm confirmed in a statement to CoinDesk.

A person familiar with the matter said Genesis eliminated about 30% of its workers, taking it down to 145 employees. Genesis previously cut 20% of its workforce of 260 in August.

  • Crypto: The Game Is 'Cutthroat': Founder
    00:51
    Crypto: The Game Is 'Cutthroat': Founder
  • Spot Crypto ETFs in Hong Kong Have 'Strong Attachments' to China: OSL Exec
    00:51
    Spot Crypto ETFs in Hong Kong Have 'Strong Attachments' to China: OSL Exec
  • What Happens to the Spot Ether ETF if ETH Is Deemed a Security in Hong Kong?
    00:43
    What Happens to the Spot Ether ETF if ETH Is Deemed a Security in Hong Kong?
  • Hong Kong's 'Mind Boggling' Journey to Bitcoin and Ether ETFs
    19:29
    Hong Kong's 'Mind Boggling' Journey to Bitcoin and Ether ETFs
  • The sales and business-development departments have been especially hard hit, the person added.

    “As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a Genesis spokesperson said in a statement. “These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients and employees for the long term.”

    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, a subsidiary of crypto conglomerate Digital Currency Group (which is also the parent company of CoinDesk), has been harmed by the widespread market collapse resulting from failure of Sam Bankman-Fried’s FTX exchange. In November, Genesis revealed its derivatives business had $175 million in funds unable to be withdrawn.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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tracy Wang

    Tracy was the deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.


    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.