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Crypto lender Genesis lays off 30% of staff


© Reuters. FILE PHOTO: A representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – Cryptocurrency lender Genesis has cut 30% of its workforce in a second round of layoffs in less than six months, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company did not immediately respond to Reuters request for comment.

The crypto firm’s lending arm, Genesis Global Capital, froze customer withdrawals on Nov. 16, citing “unprecedented market dislocation” following the collapse of major crypto exchange FTX.

Higher interest rates and worries of an economic downturn have roiled cryptocurrencies as investors fled risky assets, with recent bankruptcies in the space adding to the uncertainty.


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