Crypto News

Crypto lender Genesis lays off 30% of employees – WSJ

(Reuters) – Cryptocurrency lender Genesis has shed 30% of its workforce in a second round of layoffs in less than six months, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The company did not immediately respond to Reuters’ request for comment.

The crypto firm’s lending arm, Genesis Global Capital, froze customer withdrawals on Nov. 16, citing “unprecedented market dislocation” following the collapse of major crypto exchange FTX.

Having higher interest rates and worries about an economic downturn cryptocurrencies rattled as investors fled risky assets, with recent bankruptcies in the space adding to uncertainty.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Source: Crypto News Deutsch

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