Crypto lender Genesis lays off over 60 employees amid liquidity issues

Crypto lender Genesis – whose parent firm is backed by Singapore’s GIC – has cut more than 60 employees or around 30% of its total workforce, Bloomberg reported, citing a statement from a company representative.

The US-based firm currently has 145 employees following the layoffs. The decision came as part of ongoing efforts to “move our business forward,” the representative added.

Genesis is facing “hundreds of millions in losses” from its exposure to Three Arrows Capital and Babel Finance. Last year, several key executives, including CEO Michael Moro, left the company. It also laid off around 20% of its employees at the time.

This week, the crypto lender’s interim CEO Derar Islim sent a letter to its clients saying that it needs more time to resolve its liquidity issues.

See also: A who’s who of projects facing frostbite in the crypto winter