Digital asset brokerage Genesis said on Wednesday that CEO Michael Moro is stepping down and the firm is laying off 20% of its workforce.
According to a statement, Derar Islim, Genesis’ operating chief, will take over as interim chief executive operator while the crypto firm hunts for a permanent CEO.
Genesis is a unit of Digital Currency Group, the crypto investor and conglomerate founded by Barry Silbert. Genesis launched the first over-the-counter crypto trading desk in 2013 and then expanded to become a massive lender.
During the 2021 crypto boom, Genesis boosted its book dramatically. Loan originations soared more than sevenfold to $131 billion, and the firm raised the headcount by 22% to 170 employees. By mid-2022, that number had soared to 260. A cut of 20% represents a loss of about 52 jobs.
The rapid turn in the crypto market this year, which sent bitcoin and ethereum through mayhem, wiped out crypto-related firms. Hedge fund Three Arrows Capital, or 3AC, filed for bankruptcy, as did brokerage Voyager Digital and crypto lender Celsius Network.