As pressure builds, crypto firm Genesis cuts 30% of workforce

Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets [File: Edgar Su/Illustration/ Reuters]

Cryptocurrency firm Genesis has cut 30 percent of its workforce in a second round of layoffs in less than six months, Reuters has reported, citing a person familiar with the matter as pressure builds on crypto industry executives to cut costs in the wake of a downturn.

“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.