As Genesis Trading announces major management changes, Michael Moro, Genesis Trading CEO, is stepping down. Crypto broker Genesis Trading has announced that Michael Moro, the CEO of the company, will be stepping down immediately.
While Genesis searches for a permanent replacement, Derar Islim will be taking over as interim CEO.
“It’s been an honor to lead Genesis over the past ten years and I look forward supporting the company’s next phase in growth,” Michael Moro said in a statement. He will continue to provide advice to the company during the transition.
To reduce costs, the firm will also trim 20% of its 260-person workforce per .
Islim stated that the changes and investments announced today are a testament to our commitment to operational excellence and allow us to continue expanding our services to meet the demands of our clients into the future.
Genesis also hired several key executives in the leadership reshuffle, which, according to the company, will “further enhance its governance and position it for the future.”
These include Michael Patchen, chief risk officer, and Michael Patterson, chief compliance officer. Matthew Johnson is the chief technology officer. Matthew Johnson recently joined Genesis.
Alice Chan, chief financial officer, and Arianna Pretto–Sakmann, chief legal officer join the expanded leadership team that “focuses on strengthening the company’s overall risk management.”
Genesis Trading and the crypto collapse
Digital Currency Group’s wholly-owned subsidiary Genesis Trading is one of the most important crypto brokerages available to institutional investors worldwide. Since 2013, it has been in operation since the launch of the first Bitcoin OTC.
The New York-based company reported last week that it had originated more than $40 Billion in new loans in Q2 2022. This is a drop of 9% from the previous quarter.
Genesis reported $4.9 billion in outstanding loans at the end June and more than $17 billion in spot volume trading in the second quarter.
However, the firm admitted that it was not immune from the market decline and overall sentiment damage.
It was also disclosed last month that Genesis was the largest creditor to the now-insolvent crypto fund Three Arrows Capital, with a staggering $2.36 billion owed.
Digital Currency Group took on some liabilities to make sure that Genesis could continue to operate in the future. Three Arrows also filed a claim for $1.2 billion.