- Advertisement -
Cryptocurrency firm Genesis Global Capital is preparing to file for bankruptcy protection this week, Bloomberg reports, citing sources close to the company.
In a second round of job cuts in less than six months, the cryptocurrency lending platform recently laid off 30% of its staff.
On 16 November, citing unprecedented turmoil in the cryptocurrency market following the collapse of the FTX exchange, the company’s lending arm froze customer withdrawals.
Investors’ confidence in the industry has been shaken by the plummeting value of digital assets amid rising interest rates and the collapse of some of the market’s biggest players.
To illustrate, Coinbase, Crypto.com and Huobi have also announced plans to lay off around 20% of their staff.
Previous Articles:
- Russian Cryptocurrency Platform Founder Arrested for Laundering $700 Million
- Bank of Spain Green Lights Fintech Company to Test Digital Euro
- How to Determine What You Can Borrow and Calculate Your HELOC Payment
- Shibarium testnet on track for launch: Development team puts final touches on Ethereum-based platform
- Bitcoin prices on the rise as market players look to looser monetary policy and whale buying activity
