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Crypto firm Genesis cuts 30% of workforce

Crypto firm Genesis cuts 30% of workforce

Cryptocurrency lending outfit Genesis Global Trading has laid off another 60 people, about 30% of its workforce.

The cuts come after a 20% reduction in the company's headcount last year, leaving it with around 145 employees.

“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a spokesperson told Bloomberg.

News of the layoffs come after Genesis sent a letter to clients promising to reduce costs and find efficiencies as the sector faces up to the FTX fallout.

Genesis, a unit of the crypto conglomerate Digital Currency Group, has been attempting to raise cash for its lending business, according to Bloomberg.

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