Genesis CEO resigns as company cuts 20% of staff

Key points to remember

  • Genesis Trading has announced the replacement of its CEO Michael Moro. It will also cut 20% of its workforce.
  • However, the company recently hired new executives.
  • Genesis had significant exposure to Three Arrows Capital, which is being liquidated.

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Institutional crypto broker Genesis Global Trading has announced the resignation of its CEO Michael Moro and the cut of 20% of its workforce. The move marks further fallout from the collapse of Three Arrows Capital, a company to which Genesis was heavily exposed.

Genesis announces restructuring

Genesis Trading is reshuffling its workforce from top to bottom.

The crypto giant announced today that CEO Michael Moro will step down with immediate effect. He will be replaced by COO Derar Islim as interim CEO as the company searches for a permanent replacement. Moro will continue to “advise the company throughout the transition,” the press release said.

The company also revealed that it would reduce its overall workforce, some 260 people, by 20%. However, it is also making “key executive hires to further strengthen its governance and position the company for the future.”

These include chief risk officer Michael Patchen, chief compliance officer Michael Patterson, and chief technology officer Matthew Johnson, who “recently joined Genesis,” as well as chief financial officer Alice Chan and chief legal officer Arianna Pretto- Sakman. Finally, former CEO of Point72 Asset Management, Tom Conheeney will join as a senior advisor and serve on the company’s board of directors.

“Since we launched the first Bitcoin OTC trading desk in 2013, sophisticated investors have come to Genesis to provide liquidity, lending and custody services for their digital assets,” Moro said. “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.

Genesis Global Trading is an institutional cryptocurrency broker that provides “discreet buying and selling, large borrowing and lending services on fixed terms, and custodial services.” Among his business activities was lending to crypto hedge fund Three Arrows Capital, which collapsed in the wake of this year’s market downturn and is currently undergoing court-ordered liquidation proceedings. In July, Genesis’ parent company, Digital Currency Group, filed a $1.2 billion claim against Three Arrows, after it partially assumed Genesis liabilities.

Disclosure: At the time of writing this article, the author of this article owned multiple cryptocurrencies.

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