Crypto Broker Genesis cuts staff by 20%; Promotes insider as interim CEO

Genesis Trading, based in New York, has nominated chief operating officer Derar Islim as interim CEO and announced a 20% workforce reduction.

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Genesis Trading, based in New York, has nominated chief operating officer Derar Islim as interim CEO and announced a 20% workforce reduction.

Islim will succeed Michael Moro, who will leave down as CEO on Wednesday.

Genesis is the latest company in the cryptocurrency field to be affected by the so-called “crypto winter,” which has forced a number of high-profile companies to reduce their workforce in recent months.

Genesis employed up to 260 individuals prior to the layoffs. Genesis stated in July that it has exposure to the bankrupt crypto hedge fund Three Arrows Capital, another casualty of the waning interest in digital assets.

Outgoing CEO Moro stated at the time that the firm had minimised its losses when Three Arrows failed to pay a margin call, adding that Genesis parent Digital Currency Group had taken some of the crypto broker’s liabilities.

Tom Conheeney, the former president of former hedge fund SAC Capital and its successor Point72 Asset Management, has also joined Genesis as a senior advisor.

Moro will advise the company during the transition, Genesis said, adding that it has initiated the hunt for a full-time CEO.

Cryptos fell again on Wednesday, with Bitcoin and Ether both falling for the fourth day in a row.