Genesis Slashes 20% of Workforce

Nobody could have predicted that many crypto firms would be feeling the wrath of one company. Problems are continuing to arise for different firms that dealt with Three Arrows Capital. Yesterday, yet another firm continued the tradition when crypto broker Genesis announced that 20% of their workforce would be cut.

• Michael Moro who, took over as CEO of Genesis in 2016, is stepping down from his role. Many people are speculating it was a result of loans going sour.
• Genesis will also be slashing 20% of its 260-person workforce. This is directly correlated to the major losses that resulted from the collapse of Three Arrows Capital.
• Genesis is still operational and there are no current signs of that changing. Genesis is owned by Digital Currency Group (DCG). After filing a $1.2 billion claim against Three Arrows Capital in July, DCG assumed that claim, and the associated liabilities from Genesis last month.
• In a statement, the current COO, Derar Islim, said that changes from today “affirm [their] commitment to operational excellence as [they] continue to expand.“

Though some workforces are getting cut in numbers, most companies are doing their best to remain operational. Some will continue to add their name to the list of failed companies while others may emerge stronger.