The aftermath of the crypto winter is yet to be over. More crypto-related companies are still showing signs of drowning through the drastic impact of the bearish trend. Moreover, most crypto assets have lost over half their value from the declined market.
Several firms have continued the struggle to remain afloat through the raging storms of the crypto crisis. Some companies even devised strategies like reducing their staff strength to stay relevant. However, liquidation and shutdown became the only option for those that couldn’t contain the battery.
Genesis Global Trading, a crypto brokerage firm, started its plans for survival over the last few weeks. First, the company laid off about 20% of its employees due to the adverse conditions of the crypto market. Also, in its August announcement, the CEO, Michael Moro, was to step down from his position.
Co-Head of Sales And Trading For Genesis Leaves
But the wind of draught is still blowing fiercely on Genesis. Another firm executive, sales and trading co-head have stepped down. Through his post on Twitter, Matt Ballensweig, the executive, publicized exiting his position. This was after a 5-year working period in the company.
Ballensweig is expected to become an advisor for Genesis in the foreseeable future. This will be after transferring the core responsibilities to his successor. He also revealed that he still be part of the community.
The departing staff mentioned that his mission is to support the company’s next round of growth and expansion. So, he pledged to use his knowledge in information and capital flow, lending, trading, and yield to push the firm higher.
CEO Of Crypto Brokerage Stepped Down Last Month
The resignation of Ballensweig is coming just a month after that of the former CEO, Michael Moro. The exit of Moro was in line with the leadership reshuffle in the company. According to the firm’s plan, Derar Islim took over from Moro, pending when a permanent replacement will take place.
The continuous exit of its executive came after Genesis announced its decision to reduce its workforce by 20% in August. This plan placed the firm among others that took such measures to weather the impact of the bearish crypto market.
Cryptocurrency market gains on the chart | Source: Crypto Total Market Cap on TradingView.com
Also, the company’s action is linked to its filing of a $1.2 million liquidation request against Three Arrows Capital, a beleaguered crypto lender.
In his exit speech, Moro noted that the firm attracted prominent investors after launching the first OTC Bitcoin trading desk in 2013.
According to him, such a boom provided lending liquidity and custody services to the investors’ assets. He also appreciated leading the firm for almost ten years and pledged his support for its continuous expansion.
Featured image from Pixabay, chart from TradingView.comGemini and Genesis are seeking the dismissal of a lawsuit filed in January by the Securities and Exchange Commission. The SEC accused the firms of the unregistered offer and sales of securities in the form of Gemini’s Earn lending program.
TheBlockCoinbase has explored the possibility of setting up a cryptocurrency trading platform outside of the US.
BitcoinistEarlier Monday, CoinDesk reported that DCG and Genesis had reached an agreement with a key group of creditors.
OthersGenesis Trading, a crypto lender, will eliminate 60 positions, or 30% of its workforce, as it attempts to economize and stave off a bankruptcy filing.
OthersThe move, granted by a British Virgin Islands court in November, allows officials to seek restructuring advice.
CoindeskThe Hong Kong-based company was once Asia’s largest bitcoin ATM player.
CoindeskIgnite CEO Peng Zhong, MicroStrategy CEO Michael Saylor, and now Genesis Trading CEO Michael Moro — top executives have departed crypto firms or stepped into advisory positions.
CointelegraphGenesis Trading held on after confirming its 3AC exposure, while parent company Digital Currency Group took some responsibility after losses.
CointelegraphGenesis Trading soldiers on after confirming 3AC exposure, while parent company Digital Currency Group assumes a portion of liability after losses.
CointelegraphCryptoVoxels will be the home of the Spells of Genesis trading card exhibit as NFT galleries become increasingly commonplace in the metaverse.
Cointelegraph