Genesis, a digital currency prime broker, has seen a major leadership change as CEO Michael Moro steps down after seven years of service.
Genesis released a statement, which said that the company is going through a leadership change for the “next phase of growth.”
“Effective today, Genesis CEO Michael Moro is stepping down and will continue to advise the company through the transition,” said Genesis. Moro said, “Since we launched the first OTC bitcoin trading desk in 2013, sophisticated investors have come to Genesis to provide liquidity, lending, and custody services for their digital assets. It has been an honour to lead Genesis for nearly a decade, and I look forward to supporting the company’s next phase of growth.” Furthermore, media giants reported that the company is slashing 20% of its workforce, which will equate to the loss of about 52 jobs.
New Key Appointments
“Chief operating officer Derar Islim, PhD, who joined Genesis in 2020 and has overseen the development of strategy and key core functions, has been appointed interim CEO,” announced Genesis. “We’re pleased to elevate Derar to the interim CEO role – he has our full trust and confidence and has been instrumental in developing key areas of the Genesis business.”
The company also said that financial services executive Tom Conheeney will consult with Genesis as a Senior Advisor, where he will support Islim on the firm’s overall strategy while advising the trading, lending, and risk teams. “Conheeney will join Islim on the company’s board of directors,” the company said.
Commenting on his new role, financial service veteran Conheeney said, “I’m thrilled to join the Genesis Board. I also look forward to working with Derar and the team to bolster key areas of Genesis and to expand the firm’s market position with more traditional financial institutions and alternative asset managers looking for investment opportunities in digital assets.”
Talking about a few key appointments, Genesis said, “Chief risk officer Michael Patchen, chief compliance officer Michael Patterson, and chief technology officer Matthew Johnson have recently joined Genesis.”
Although Michael Moro has not posted any update on his LinkedIn, Genesis said that it has already commenced a search for a full-time CEO.
Genesis Had Loan Exposure to Three Arrows Capital
Recently, Genesis posted its second-quarter results for 2022.
Talking about the second quarter being “dramatic” for the crypto ecosystem, Genesis said, “Beyond the loss of approximately $1.2 trillion in value from aggregate crypto asset market capitalization, investors and market infrastructure participants also had to endure the collapse in the value of a leading blockchain ecosystem, and the default of a significant crypto hedge fund and some high-profile market infrastructure players.”
Genesis also talked about its own exposure and said, “Genesis was not immune to the market drop and the damage to overall sentiment. As we’ve stated publicly, Genesis had loan exposure to Three Arrows Capital.”
On the Flipside
- Genesis is struggling with the crypto market drop and loan exposure to Three Arrows Capital.
Why You Should Care
With the new appointments and the leadership changes, the market is hoping that Genesis will be able to turn over a new leaf.
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