In the midst of the crypto slump, Genesis makes sweeping operational decisions

In the midst of the crypto slump, Genesis makes sweeping operational decisions

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Last attempt to restart the machine – The shock wave of the fall of Three Arrows Capital and Babel Finance continues to do damage. The creditors no longer know how to turn around and try by all means to regain their footing despite abysmal debts. This time it’s Genesis which is restructuring its management to give a second wind to the company. Latest information to follow.

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Massive restructuring in the direction of Genesis…

Genesis is a cryptocurrency lending company 100% owned by Financial Investment Group Digital Currency Group. Based in Stamford, Connecticut, it is a fund specializing in digital assets founded in 2015 by Barry Silbert. Genesis is one of the companies hard hit by the setbacks of Three Arrows Capital. To date, there is a slate of1.2 billion dollars to pay! The refund request is part of a larger liquidation procedure, the purpose of which is not yet known.

In order to reduce its costs and withstand this bad period, the group has announced that it is parting with 20% of its workforce, approximately 50 people left on the tile. And among those concerned, we find the very CEO of the company, Michael Moro ! The latter will keep an advisory position until the new team is fully operational.

Genesis restructures its management team to try to revive its growth

…to regain control over events

Pending the final appointment of a new manager, it is Derar Islam, the Chief Operating Officer who will take over as interim. Genesis has also decided to strengthen its management team and has just appointed a Chief Risk Officer and a Chief Technology Officer. They also have revamped the positions of financial and legal managers in order to ” strengthen overall risk management“. It was time some gossip would say, of which we are obviously not part. The interim CEO told the press:

“The changes and investments we are announcing today confirm our commitment to operational excellence as we continue to expand our services to meet the needs of our customers now and in the future. »

He responds in this to the former manager Michael Moro, who leaves his functions without bitterness:

“Since we launched the first Bitcoin OTC trading desk in 2013, professional investors have turned to Genesis to provide liquidity, lending and custody services for their digital assets. It has been an honor to lead Genesis for nearly a decade and I look forward to supporting the company’s next phase of growth. »

Coué method or real new ambitions? At this stage it is difficult to know if these beautiful words will be enough to revive the company. In any case, the management team shows combativeness and wishes to be positive despite an obvious financial collapse. Companies related to cryptocurrency will have to have strong backs to withstand a crypto winter that seems to be settling in for the long term. All this in a not really favorable macro-economic context where galloping inflation weighs down the economies of all the countries of the world.

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