Following the exit of Michael Moro as the CEO of Genesis Global Trading, the crypto brokerage firm’s co-head of sales and trading is also stepping down from his position.
The development continues the latest trend of crypto company executives who have resigned from their positions.
- In a tweet thread on Wednesday (September 28, 2022), Matt Ballensweig announced that he was exiting his post as co-head of sales and trading for Genesis after working at the firm for over five years.
1/ Today, I’m formally leaving my post at @GenesisTrading as co-Head of Sales and Trading after 5+ years. Over the last month I’ve started transitioning my core responsibilities to a handful of trusted colleagues who will step up to run our front-line businesses.
— Matt Ballensweig (@MattBallen4791) September 28, 2022
- While Ballensweig is transitioning core responsibilities to some colleagues who will take over his duties, he would function as an advisor for the company “for the foreseeable future.” The departing Genesis executive also mentioned that he will remain within the community, adding:
“My mission will be to help facilitate the next cycle of growth and mainstream adoption through my expertise in capital and information flow, trading and lending, yield, venture and bridging institutional participants with crypto-native opportunities.”
- Ballensweig’s exit from Genesis comes shortly after Michael Moro stepped down from his position as CEO in August. At the time, the brokerage firm was undergoing a leadership reshuffle, with Derar Islim taking over the helm pending a permanent replacement.
- Genesis had exposure to the struggling crypto hedge fund Three Arrows Capital (3AC), which failed to meet margin calls. The firm subsequently filed a $1.2 billion liquidation request against 3AC.
- Also, Genesis cut down 20% of its workforce in August. Part of Ballensweig’s thread said:
“Despite major changes to our infrastructure over the last few months, I have no doubt that Genesis will continue to take market-share as a leading brokerage firm within crypto. We built our franchise to withstand change and challenge and we are doing just that.”