Cryptocurrency lending platform Genesis Global Trading has recently laid off about 30% of its employees.
According to the Wall Street Journal report, the company has decided to continue its staff reduction program with its second round of layouts following the platform suffering losses from loans to Alameda Research and Three Arrows Capital.
A company spokesperson has said on the move:
“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward.”
Recall that the crypto lending firm announced in August it intended to fired around a quarter of its employees to reduce costs.