Genesis CEO Steps Down While Broker Announces 20% Layoff

Genesis CEO Steps Down While Broker Announces 20% Layoff
  • DCG, or Digital Currency Group, owns Genesis and is headquartered in New York. 
  • Derar Islim, who joined the business in 2020, is filling in for Moro.

Some of the largest companies in the market have had to scale down their expansion plans as a result of the ongoing crypto winter and the recent Terra catastrophe. Following the departure of CEO Michael Moro, Genesis has announced a 20% reduction in staff. After the failure of crypto hedge fund Three Arrows Capital, the firm has suffered significant losses.

Increasing Pressure on Crypto Firms

DCG, or Digital Currency Group, owns Genesis and is headquartered in New York.  In the aftermath of the collapse, it claimed $1.2 billion from Three Arrows Capital in July 2022. The decline in the cryptocurrency market in May has repercussions for a number of businesses. Multiple companies in the business have recently reported large numbers of layoffs, increases in debt, and bankruptcies.

Several businesses were affected by the implosion of LUNA and Terra, the decline of Celsius Network, and the ultimate failure of Three Arrows Capital, leading to widespread layoffs.

Genesis is heading on a completely different route as a result of a change in leadership and a 20% reduction in staff. Genesis’ current COO, Derar Islim, who joined the business in 2020, is filling in for Moro in the meantime until a permanent successor is sought. There are also new officials on the board and other changes in Genesis’ top leadership.

Derar Islim, Interim CEO of Genesis stated:

“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.”

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.