cryptocurrency

Genesis CEO steps down as broker announces 20% layoff

 

Genesis CEO steps down as broker announces 20% layoff 
  • DCG, or Digital Currency Group, owns Genesys and is headquartered in New York.
  • Dirar Islam, who joined the company in 2020, fills Moro’s place.

Some of the biggest companies in the market have been forced to scale back their expansion plans as a result of the ongoing crypto winter and the recent Terra disaster. Following the departure of CEO Michael Morrow, Genesis announced a 20% staff reduction. After the Hedge Fund Crypto Fail Thirrigation Arrow CapitalThe company incurred significant losses.

Increasing pressure on crypto companies

The company owns DCG or Digital Currency Group origin The headquarters is located in New York. Following the crash, it acquired $1.2 billion from Three Arrows Capital in July 2022. The fall in the cryptocurrency market in May had repercussions for a number of companies. Several companies in this field have recently reported large numbers of layoffs, increased debt, and bankruptcies.

Many companies affected by the collapse of LUNA and Terra, the decline percentage gridand the eventual failure of Three Arrows Capital, resulting in massive layoffs.

Genesis is going down a very different path as a result of a change in leadership and a 20% reduction in staff. Genesis’ current COO, Dirar Islam, who joined the company in 2020, will serve to fill the Moreau position in the meantime until a permanent successor is sought. There are also new board members and other changes to Genesis’ senior leadership.

Dirar Islam, Interim CEO of Genesis stated:

“The changes and investments we are announcing today underscore our commitment to operational excellence as we continue to expand our services to meet the needs of our customers today and into the future.”

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