Crypto Broker Genesis Cuts Jobs by 20%

Daniel Attoe
Daniel Attoe

Updated · Aug 18, 2022

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The company also disclosed on Wednesday that CEO Michael Moro is leaving. 

One-fifth Slashed

Digital Asset brokerage firm Genesis Global Trading has announced that it will reduce its employee headcount by 20%. This comes as the company’s erstwhile frontman Michael Moro steps down after seven years as CEO.

Both moves are direct consequences of the collapse of Three Arrows Capital. The digital asset hedge fund was demolished by the downturn in the crypto industry this year. 

Like Voyager Digital, which has already filed for bankruptcy, Genesis had a sizeable exposure.

Before commencing the job cuts, it had 260 workers on its books. With the slash, about 52 of those are expected to leave.

Genesis belongs to Digital Currency Group, one of the blockchain firm benefactors of investments from Google parent company Alphabet.

New Leadership

In a statement, Genesis announced the appointment of Derar Islim as Interim CEO. Before his elevation, Islim served as the company’s Chief Operating Officer.

He joined Genesis in 2020 and has since overseen the development of strategy and key core functions at the firm. He will now handle the reins while Genesis looks for a permanent replacement for Moro.

In a bid to strengthen its “overall risk management” and governance, Genesis also announced several key executive hires. They include new chief officers to deal with: 

  • risks 
  • compliance 
  • technology 
  • legal matters
  • finances.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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