Crypto company Genesis cuts staff by 20%

by in Cryptocurrency News

Genesis

Many companies in the crypto sphere are forced to lay off employees to reduce operating costs.

Moreover, some teams have cut staff by more than 50% after the industry was in a state of crisis caused by the outflow of capital from digital currencies.

Now this list has been added to the Genesis crypto-lending platform. Its CEO Michael Moreau resigned during a personnel reshuffle. In addition, the company has reduced the number of employees by 20% already this week.

Top management decided to revise the business model and work only with those projects and areas that are still generating income.

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Genesis is one of the largest crypto lending platforms.

Last week, the company reported a 9% drop in lending volumes in the second quarter compared to January-March 2022.

Genesis launched OTC bitcoin trading in 2013.

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According to Michael Moreau, the platform is very popular among experienced investors who not only execute transactions with BTC through Genesis but also store cryptocurrency on this site.