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Cryptocurrency lender Genesis laid-off 30% employees amid liquidity issues

According to a statement from a business official, cryptocurrency lender Genesis, whose parent company is financed by Singapore’s GIC, has laid off more than 60 workers, or around 30% of its whole workforce, Bloomberg said.

Following the layoffs, the US-based company today only has 145 workers. According to the official, the choice was made as part of continuous attempts to “take our business ahead”.

Because of its exposure to Three Arrows Capital and Babel Finance, Genesis is expected to suffer “hundreds of millions in damages.” Several important executives departed the firm last year, including CEO Michael Moro. Additionally, it let go of 20% of its workforce at the time.

Derar Islim, the interim CEO of the crypto lender, wrote a letter to its clients this week explaining that it needed additional time to fix its liquidity problems.

 

 

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