Crypto Lender Genesis Cuts Staff by 30% Amid Industry Turmoil

Crypto lender Genesis is cutting 30% of its staff in another round of layoffs, the company said Thursday, signaling continued struggles within the cryptocurrency market. Genesis Global Trading Inc. has been feeling the heat of the crypto crash that has been plaguing the industry over the past several months.

Genesis Global Trading laid off more employees on Thursday, a spokesperson for the crypto-trading firm confirmed in a statement to CoinDesk. The firm terminated 30% of its workforce on Thursday, bringing the embattled cryptocurrency firm to 145 employees, a company spokesperson told Insider. These layoffs were first reported by the Wall Street Journal, highlighting the seriousness of the situation. According to a Jan. 5 Wall Street Journal report, Genesis reduced its staff by 30% following the platform suffering losses from loans to Alameda Research and Three Arrows Capital.

A person familiar with the matter revealed that Genesis fired 145 employees, which accounts for 30% of its workforce. This latest round of job cuts represents a significant downsizing effort as the company navigates challenging market conditions.

Crypto brokerage Genesis laid off roughly 30% of its workforce Thursday, or about 60 employees. "As we continue to navigate unprecedented industry challenges, Genesis..." the company stated, implying the difficulties faced in the current climate.

Cryptocurrency firm Genesis has cut 30% of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter, as pressure mounts on the company. The recent layoff has especially affected specific departments within the organization as Genesis strives to streamline operations and weather the storm.