Genesis reduces employees, and the CEO steps down! See the details! On August 17th, Genesis announced Michael Moro would leave the CEO position. On the same day, there was a report that Genesis also cut off its employees.
Michael Moro Is No Longer The CEO
On August 17th, Genesis Trading announced that Michael Moro stepped down from the CEO position. Previously, Moro became the CEO of Genesis in April 2016. He will continue to oversee the next phase of growth in Genesis.
Michael Moro stated, “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.”
In addition to the news, COO Derar Islim will become the Interim CEO of Genesis. He joined the company in 2020, where he monitored the development of strategy and core functions. Genesis also announced several changes and additional members to the leadership team.
Derar Islim, the Interim CEO, said, “The changes and investments we are 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.”
Genesis Reduces Employees
The change in the top members is not the only news in Genesis. On August 17th, Bloomberg reported the company had cut off 20% of its 260 employees to reduce costs.
Currently, Genesis has yet to give a full explanation of the news regarding employee reduction. Everyone is still waiting for more updates from Genesis.