Crypto firm Genesis Trading and head of sales resign after CEO exits

The aftermath of the crypto winter is not yet over. Several crypto-related companies are still showing signs of drowning through the drastic effect of the bearish trend. Also, most cryptoassets have lost over half of their value since the falling market.

Several firms have continued to struggle to stay afloat through the raging storms of the crypto crisis. Some companies even developed strategies such as reducing their workforce to stay relevant. However, liquidation and closure became the only option for those who could not contain the battery.

Genesis Global Trading, a crypto brokerage firm, began its plans for survival in recent weeks. First, the company laid off around 20% of its employees due to the unfavorable conditions in the crypto market. In the August announcement, CEO Michael Moro was also to step down from his position.

Co-head of sales and trading for Genesis Leaves

But the draft still blows fiercely on Genesis. Another company manager, sales and trading manager, has resigned. Through his mail on Twitter, Matt Ballensweig, the executive director, announced that he was leaving his position. This was after a 5-year working period in the company.

Ballensweig is expected to become an advisor to Genesis in the foreseeable future. This will be after handing over core responsibilities to his successor. He also revealed that he is still part of the community.

The departing staff mentioned that his task is to support the company’s next round of growth and expansion. So he promised to use his knowledge of information and capital flows, lending, trading and returns to push the firm higher.

The CEO of Crypto Brokerage resigned last month

The dismissal of Ballensweig comes just one month after the former CEO, Michael Moro. The departure from Moro was in line with the management change in the company. According to the firm’s plan, Derar Islim took over from Moro, pending when a permanent replacement will take place.

The continuing exit of the director came after Genesis announced its decision to reduce its workforce by 20% in August. This plan placed the firm among others taking such measures to deal with the impact of the bearish crypto market.

The company’s action is also linked to the filing of a $1.2 million liquidation request against Three Arrows Capital, a beleaguered crypto lender.

In his exit speech, Moro noted that the firm attracted prominent investors after launching the first OTC Bitcoin trading desk in 2013.

According to him, such a boom provided lending liquidity and custody services to investors’ assets. He also appreciated leading the firm for nearly ten years and pledged his support for its continuous expansion.

Featured image from Pixabay, chart from TradingView.com