Crypto Lender Genesis Trading Cuts Workforce by 30%

Cryptocurrency lending platform Genesis Trading has announced it will lay off 35% of its staff.

A company spokesperson has said:

“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients and employees for the long-term.”

The lender, which suspended withdrawals following the collapse of FTX in November, said earlier this week that it is trying to find a solution for its borrowing and lending unit, however, it will need more time.

The company’s interim CEO Derar Islim has said:

“While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time.”