Genesis Announces New Interim Head, Cuts Job 20% In The Midst Of Crypto Winter

Genesis Trading on Wednesday named chief executive Derar Islim as the temporary head of the crypto brokerage and said it has reduced its headcount by 20%. Islim will replace Michael Moro, who is leaving his role as CEO effective Wednesday, the company said.

The New York-based company is the newest in electronic money space is affected by the so-called “crypto winter”, which has forced a series of well-known companies to shrink their workforce in recent months.

Before dismissal, Genesis A company spokesman said it has employed nearly 260 people.

Last month, Genesis revealed that it was exposed to crypto hedge fund bankruptcy Three capital arrowsanother victim of the diminishing interest in digital assets.

However, the company minimized losses after Three Arrows failed to meet a margin call, outgoing CEO Moro said at the time, adding that the parent Digital Currency Group of Genesis has taken over some of the crypto broker responsibilities.

Genesis has also appointed Tom Conheeney, former chairman of hedge fund SAC Capital and successor Point72 Asset Management, as senior advisor.

Genesis said Moro will advise the company during the transition, adding that it has begun looking for a full-time executive.

Meanwhile, even as the crypto sector shakes up during the bleak winter, venture capitalists are pouring money into digital currencies and blockchain startups at a rate that far exceeds last year’s record. , Reuters report in July.

According to data from PitchBook, in the first half of this year, VCs bet $17.5 billion (about Rs 1,39,600) on such companies. That puts the investment on top of a record $26.9 billion (approximately Rs 2,14,630) raised last year, a warmer and happier time for Bitcoin and copper, according to the report. .

© Thomson Reuters 2022

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