Genesis, a major institutional digital asset market and a full-service digital currency prime brokerage based in New York, on Wednesday announced several leadership changes amid the company’s efforts to boost the next phase of its growth.
Genesis disclosed that its CEO Michael Moro is stepping down, and the firm is slashing 20% of its 260-person workforce. The cut of 20% equates to the loss of around 52 jobs.
The downsizing exercise comes a few months after Genesis reported huge losses tied to the collapse of Three Arrows Capital (3AC) in June.
Derar Islim, the Chief Operating Officer at Genesis, will take over as interim CEO while the firm searches for a permanent replacement.
The company said that Moro, who joined Genesis in 2015 and took over as CEO the following year, will stay on during the leadership transition.
Besides that, Genesis said it recently hired new executives as chief risk officer, chief compliance officer, and chief technology officer to strengthen its governance...
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