Genesis announces new interim chief and reduces jobs by 20 percent amidst ongoing Crypto Winter

Genesis employed more than 260 workers prior to the layoffs, according to the broker for cryptocurrency.

Genesis Trading on Wednesday named the chief executive director Derar Islim as interim CEO of its crypto broker. The company also announced that it has reduced their headcount to 20 percent. Islim is taking over from Michael Moro, who is retiring from the position of CEO on Wednesday, Genesis Trading announced.

The company based in New York is among the latest companies to enter the cryptocurrency market to be impacted by the known as “crypto winter” which has forced many high-profile companies to reduce their workforce in the past few months.

Prior to the layoffs Genesis employed 260 employees according to a representative of the firm claimed.

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The last time we checked, Genesis disclosed it had exposure to the bankrupt cryptocurrency hedge funds Three Arrows Capital Another casualty of the declining demand for digital assets.

However, the company was able to reduce its losses after Three Arrows failed to meet the margin requirement, its outgoing CEO Moro stated at the time. He also said it was Genesis its parent Digital Currency Group had assumed certain of the broker’s obligations.

Genesis has also appointed Tom Conheeney, who was the former president of hedge fund SAC Capital and its successor Point72 Asset Management, as an advisor to senior levels.

Moro will assist the company throughout its transition process, Genesis said, adding that it was beginning to look for a chief executive who is full-time.

Even when the cryptocurrency industry is shivering during the cold winter months the venture capitalists are investing money in blockchain and cryptocurrency startups at a rate expected to surpass the previous year’s record, Reuters reported in July.

In the first quarter in the calendar year VCs put bets on $17.5 billion (roughly the equivalent of Rs. 1,39,600 crore) on these companies according to data from PitchBook. The investment is on track to surpass records of $26.9 billion (roughly 2,14,630 crore). 2,14,630 crore) that was raised in the in the year before, which was a more pleasant and better time to invest in Bitcoin and co, according to the report.

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