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The cryptocurrency firm Genesis has cut down 30% of its employees for a second set of cuts that took less than six months...
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according to a source familiar with the matter as pressure mounts on the crypto industry's top executives to reduce costs in the aftermath of a slump.
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The number of companies has faced declining interest from investors for cryptocurrency after the major exchange FTX was wiped out in September.
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The cryptocurrency-focused banking institution Silvergate Capital Corp (SI.N) announced that it would reduce the number of employees by 40 percent.
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"As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally," a spokesperson for the company confirmed.
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The layoffs were first announced in The Wall Street Journal, which also reported that Genesis is looking into the possibility of filing to file Chapter 11 bankruptcy.
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The company is in talks with the investment banking institution Moelis & Co to evaluate its options, according to the report citing sources who know the situation.
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"We continue working with our advisors, in collaboration with Digital Currency Group and advisors appointed by various client groups, to evaluate options to preserve client assets and move the business forward."