Genesis Trading CEO Resigns, 20% Of Employees Are Also Fired

Genesis Trading CEO Michael Moro will step down following the losses related to Three Arrows Capital, which in turn means 20% of employees will also be laid off to restructure the company on a large scale.

On August 17, crypto brokerage Genesis Trading announced a 20% reduction in its workforce and announced that Michael Moro would be stepping down as CEO following losses related to Three Arrows Capital.

Accordingly, Derar Islim will take up this position temporarily during the search for a replacement and Michael Moro will continue to serve as an advisor to the company during the transition period.

Genesis will also split 20% of its current 260 workforce to cut costs for the company.

“The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future,”

Derar Islim, Interim CEO of Genesis

During the reshuffle, Genesis also appointed several key executive positions, including Chief Risk Officer Michael Patchen, Chief Compliance Officer Michael Patterson and Chief Technology Officer Matthew Johnson. Additionally, Chief Financial Officer Alice Chan and Chief Legal Officer Arianna Pretto-Sakmann will join the leadership team to strengthen the company’s overall risk management.

Genesis Trading, a wholly-owned subsidiary of Digital Currency Group (DCG) – the owner of Coindesk, is one of the leading cryptocurrency brokerages for institutional investors. Genesis has been around since 2013 and launched the first Bitcoin OTC in the industry.

Last week, the company reported a loss of up to $40 billion in loans for the second quarter of 2022, down 9% from the same period last quarter. However, the company admits that “it is impossible to escape the market decline and damage caused by general sentiment”.

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