Tuesday, March 5, 2024
Business News

Crypto lender Genesis lays off 30% of employees

New York-based cryptocurrency lender Genesis has laid off 30% of its employees, according to a report from Reuters. This marks the second round of layoffs for the company in less than six months, with the company reportedly having previously laid off 20% of its workforce. The company’s headcount is now at 145, down from 260 before the two rounds of layoffs.

The news of the layoffs comes as Genesis is reportedly considering filing for bankruptcy. It is not yet clear what has led the company to this point, but the cryptocurrency market has been highly volatile in recent years, and many companies in the space have struggled to stay afloat.

Genesis was founded in 2013 and has become one of the largest cryptocurrency lenders in the world. The company offers a range of services, including lending, trading, and custody solutions for digital assets. It has attracted a number of high-profile clients, including hedge funds, exchanges, and other financial institutions.

However, the company has faced a number of challenges in recent years. In addition to the volatility of the cryptocurrency market, Genesis has also faced increasing competition from other players in the space. It is not clear how the latest round of layoffs will impact the company’s operations, but it is likely that the company will be forced to scale back its services in the wake of the cuts.

The layoffs at Genesis are just the latest in a series of struggles faced by cryptocurrency companies in recent years. Many firms in the space have been forced to lay off staff or shut down entirely as the market has struggled to maintain its momentum. In fact, the number of cryptocurrency companies that have gone bankrupt or closed down in the past few years is staggering.

Despite the challenges faced by Genesis and other companies in the space, many industry experts believe that the cryptocurrency market has a bright future. Some predict that digital currencies will eventually become a mainstream financial tool, and that companies like Genesis will be at the forefront of this shift. However, for now, it remains to be seen how the company will navigate the current challenges it is facing.