The aftermath of the crypto winter is yet to be over. More crypto-related companies are still showing signs of drowning through the drastic impact of the bearish trend. Moreover, most crypto assets have lost over half their value from the declined market.
Several firms have continued the struggle to remain afloat through the raging storms of the crypto crisis. Some companies even devised strategies like reducing their staff strength to stay relevant. However, liquidation and shutdown became the only option for those that couldn’t contain the battery.
Genesis Global Trading, a crypto brokerage firm, started its plans for survival over the last few weeks. First, the company laid off about 20% of its employees due to the adverse conditions of the crypto market. Also, in its August announcement, the CEO, Michael Moro, was to step down from his position.
But the wind of draught is still blowing fiercely on Genesis. Another firm executive, sales and trading co-head have stepped down. Through his post on Twitter, Matt Ballensweig, the executive, publicized exiting his position. This was after a 5-year working period in the company.
Ballensweig is expected to become an advisor for Genesis in the foreseeable future. This will be after transferring the core responsibilities to his successor. He also revealed that he still be part of the community.
The departing staff mentioned that his mission is to support the company’s next round of growth and expansion. So, he pledged to use his knowledge in information and capital flow, lending, trading, and yield to push the firm higher.
The resignation of Ballensweig is coming just a month after that of the former CEO, Michael Moro. The exit of Moro was in line with the leadership reshuffle in the company. According to the firm’s plan, Derar Islim took over from Moro, pending when a permanent replacement will take place.
The continuous exit of its executive came after Genesis announced its decision to reduce its workforce by 20% in August. This plan placed the firm among others that took such measures to weather the impact of the bearish crypto market.
Also, the company’s action is linked to its filing of a $1.2 million liquidation request against Three Arrows Capital, a beleaguered crypto lender.
In his exit speech, Moro noted that the firm attracted prominent investors after launching the first OTC Bitcoin trading desk in 2013.
According to him, such a boom provided lending liquidity and custody services to the investors’ assets. He also appreciated leading the firm for almost ten years and pledged his support for its continuous expansion.
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Denis is a passionate writer and editor and he’s been writing in finance industry for almost 6 years.
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