Cryptocurrency Market maker and liquidity provider GSR announced that it laid off slightly less than 10% of its staff in the third quarter of this year.
GSR Announces Decision to Make Layoffs to Support Long-Term Growth
A spokesperson for GSR said in a statement that the headcount reduction is part of structural changes to position the business for long-term growth.
GSR’s co-founder, Rich Rosenblum, said on The Scoop podcast in July of last year that the firm was on track to increase its staff from 25 a year ago to over 200.
“Following a period of rapid expansion, our focus is on improving overall efficiency and continuing to improve our technology and business capabilities,” said a GSR spokesperson.
Founded in 2013 by a former Goldman Sachs executive, GSR is one of the oldest market makers in the cryptocurrency space. The company offers a range of services from market making to over-the-counter trading and risk management services. The firm is also exploring NFT market making.
Layoffs, crypto and bitcoin It took place at a time when the industry was in a state of flux. Many senior executives from leading cryptocurrency firms such as FTX, NYDIG, OpenSea, and Genesis have recently resigned from their positions.
There have also been layoffs at companies such as Gemini, Crypto.com and Coinbase across the industry.
Crypto trading firms have also been in trouble since the beginning of the bear market.
Genesis has undergone a major change in its leadership following massive losses from bankrupt crypto hedge fund Three Arrows Capital (3AC).
*Not investment advice.
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