Genesis Global Trading Inc. is a New York-based crypto-brokerage that has recently laid off more than 60 employees, amounting to roughly 30% of the company’s workforce. This is the latest round of job cuts following a separate round of job eliminations last year, which saw the departure of several key leaders, signaling further upheaval at the company. According to a Genesis spokesperson, the company now has 145 employees remaining. The company is facing several challenges, such as the sudden collapse of FTX, one of the world’s largest crypto exchanges, which roiled the digital-asset market and triggered a liquidity crunch at Genesis. Furthermore, the company has been trying to raise fresh cash for its lending unit, though some investors approached for the lifeline have balked at the interconnectedness between Genesis and other related entities that are part of Barry Silbert’s Digital Currency Group.
In an update to its clients this week, Genesis said it needs more time to come up with a solution for the troubles at its lending unit and warned in November that it may have to file for bankruptcy protection if it can’t find a way forward. Genesis has been criticized by digital-asset entrepreneur Cameron Winklevoss, who accused Barry Silbert of “bad faith stall tactics” and the intermingling of funds within his conglomerate that Winklevoss says have left $900 million in customer assets needlessly in limbo since FTX’s meltdown.
It is worth noting that this is not the first time Genesis has undergone job cuts, they reported last year the departure of Matt Ballensweig, co-head of sales and trading, Michael Paleokrassas, managing director of trading, and Reed Werbitt, head of cash trading, Joshua Lim, head of derivatives at the company, had also left. And also that CEO Michael Moro stepped down and the company Eliminated 20% of its workforce.
About Genesis Global Trading Inc:
Genesis Global Trading is a New York-based crypto-brokerage firm that provides institutional clients with a range of digital asset services. These services include trading and lending, as well as OTC (over-the-counter) services for a variety of cryptocurrencies and tokens. The company was founded in 2013 and has become one of the largest OTC digital currency trading firms in the world.
Genesis provides its services to a wide range of clients including hedge funds, family offices, and market makers, among others. It operates globally, with offices in New York, London, and Hong Kong. The company also operates a lending business that provides clients with the ability to borrow against their cryptocurrency holdings.
As reported in the text I’ve read to you before, the company has been facing some challenges lately, the sudden collapse of one of the largest crypto exchange FTX created a liquidity crunch for Genesis, and it’s been trying to raise fresh cash for its lending unit, though some investors approached for the lifeline have balked at the interconnectedness between Genesis and other related entities that are part of Barry Silbert’s Digital Currency Group. And it also went through job cuts and leadership departure.
Overall, Genesis Global Trading is a reputable firm in the digital asset space, known for its institutional-grade services and experienced team. However, like any other company in this field, it’s highly volatile and subject to the ups and downs of the crypto market.