Article: Genesis cuts workforce by 30% amid crypto market struggles

Technology

Genesis cuts workforce by 30% amid crypto market struggles

Cryptocurrency firm Genesis has conducted a second round of layoffs, cutting 30% of its workforce, following a similar round of layoffs in August
Genesis cuts workforce by 30% amid crypto market struggles

Cryptocurrency firm Genesis has conducted a second round of layoffs in less than six months, cutting 30% of its workforce due to increasing uncertainty in the cryptocurrency market.

As a result, 60 employees were let go. This cost-cutting measure follows a similar round of layoffs in August, when 20% of Genesis's employees were dismissed.

Prior to these two rounds of layoffs, the New York-based company employed approximately 260 people.

In November, Genesis Global Capital, the lending arm of Genesis, froze customer withdrawals due to "unprecedented market dislocation," which was partially caused by the collapse of major cryptocurrency exchange FTX.

The cryptocurrency industry has also faced pressure from higher interest rates and concerns about an economic downturn, leading investors to retreat from risky assets.

A spokesperson for Genesis reportedly confirmed that the company made the difficult decision to reduce its headcount globally as it continues to face unprecedented challenges. "As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally," the spokesperson said.

 

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Topics: Technology, #Outlook2023

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