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.