A Month After the CEO, Another Genesis Executive Steps Down

Following Michael Moro’s departure as CEO of Genesis Global Trading, the crypto brokerage firm’s co-head of sales and trading is also stepping down.

The development continues the latest trend of crypto company executives stepping down.

• In a thread of tweets on Wednesday (September 28, 2022), Matt Ballensweig announced that he would be stepping down as co-head of sales and commerce at Genesis after more than five years with the company.

1/ Today I formally leave my post at @GenesisTrading as co-head of sales and trading after more than 5 years. Over the past month I have begun to transition my core responsibilities to a handful of trusted colleagues who will step up to lead our front line businesses.

— Matt Ballensweig (@MattBallen4791) September 28, 2022

• While Ballensweig is handing over core responsibilities to a few colleagues who will take over his roles, he will function as an advisor to the company “for the foreseeable future.” The outgoing 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 flow and information, trading and lending, performance, risk and connecting institutional participants with cryptonative opportunities.”

• Ballensweig’s departure from Genesis comes shortly after Michael Moro stepped down as CEO in August. At the time, the brokerage firm was undergoing a leadership reshuffle, with Derar Islim taking the helm pending a permanent replacement.
• Genesis had exposure to struggling crypto hedge fund Three Arrows Capital (3AC), which failed to meet margin calls. The company subsequently filed a $1.2 billion settlement against 3AC.
• In addition, Genesis cut 20% of its workforce in August. Part of Ballensweig’s thread read:

“Despite major changes to our infrastructure over the past few months, I have no doubt that Genesis will continue to take market share as the leading brokerage firm within crypto. We have built our franchise to withstand change and challenges and we are doing just that” .