Genesis is an institutional trading firm connecting institutional investors to digital asset markets. Genesis announced 60 employees layoff which means overall 30% of the workforce.
According to reports from Thursday, January 5th, Genesis Global Trading laid off 30% of its staff. Withdrawals in the firms lending arms remain frozen since November 16th, and the company previously revealed it has at least $175 million stuck in its trading accounts with FTX.
Reportedly, Genesis fired 30% of its remaining staff this Thursday bringing the firm’s headcount to 145 employees. Allegedly, its business development and sales departments took the brunt of the layoffs with offices in Singapore getting hit particularly hard.