The CEO of institutional crypto brokerage firm Genesis Global Trading, Michael Moro, will step down from his leadership position while the company is planning to cut off 20% of its workforce.
According to Bloomberg, on Wednesday (August 17, 2022), Genesis announced that Maro will leave his position as CEO, in line with the company’s leadership shuffle.
In the meantime, Derar Islim, chief operating officer, will take over as interim CEO, pending a permanent replacement. Genesis also added more executives to risk, compliance, and technology.
Interim CEO Islim said in a statement:
“The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future.”
Meanwhile, Moro will act as an advisor through the company’s transition process. The former chief said:
“Since we launched the first OTC Bitcoin trading desk in 2013, sophisticated investors have come 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.”
The latest development comes about a month after it was reported that Genesis filed a $1.2 billion liquidation request against embattled cryptocurrency lender Three Arrows Capital.
Genesis also revealed that the company will remove 20% of its workforce, beginning on Wednesday. The brokerage firm joins the long list of companies that have carried out similar actions in recent times.
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