Mark Murphy Is Elevated To President At Digital Currency Group During Reorganization

According to a person with knowledge of the issue, Mark Murphy has been promoted from president to chief operational officer at Digital Currency Group (DCG).

The Stamford, Connecticut-based cryptocurrency company, which is the owner of Grayscale, Genesis, and CoinDesk, also let go of 30% staff members, most of whom were juniors, leaving it with 66. The news was initially reported by Bloomberg.

“We recently made a series of internal changes to position DCG for its next phase of growth, including a streamlining of our departments alongside several promotions on our leadership team,” a spokesperson said in a statement. 

Mark Murphy originally joined DCG as its head of public affairs in April 2018

He has been Barry Silbert, the founder of DCGright-hand ,’s man for a long time. He formerly held the position of worldwide head of financial products communications for Bloomberg LP and EVP of communications and public affairs for Second Market, Silbert’s secondary market that Nasdaq eventually bought.

The reason DCG is so well-known is because of its diverse venture portfolio, which includes organizations like Circle, Coinbase, Dapper Labs, and Ripple.

In recent weeks, an increasing number of cryptocurrency companies have announced layoffs as they deal with a bear market and depressed token prices. Today, CoinCu reported that Bitmex, a company that runs exchanges, had laid off 30% of its staff, shortly after parting ways with CEO Alexander Höptner.

The DCG reorganization’s affected employees were made aware of the changes last week.

Along with Mark Murphy’s new position, Jenn Goodson, Simon Koster, Matt Kummell, and Amanda Cowie all received new titles: chief administrative officer, chief strategy officer, senior vice president of operations, and director of communications, marketing, and events, respectively.

In August, DCG-owned Genesis, a cryptocurrency lender that made significant loans to the now-bankrupt hedge fund Three Arrows Capital, started laying off employees and parting ways with CEO Michael Moro.

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