Genesis director resigns and moves to advisory role

"My line is always open and I look forward to continuing to build and learn with all of you," said manager Matthew Ballensweig .< /p> On September 28, Matthew Ballensweig, managing director of cryptocurrency broker Genesis, announced via LinkedIn that he was officially stepping down after more than five years in office. Ballensweig is also co-head of trading and lending at Genesis. As Ballensweig put it, he has handed over his main responsibilities to a handful of trusted colleagues who will take over his duties, saying:

"I am forever grateful to Digital Currency Group [Genesis' parent company] and Genesis for giving me the opportunity to build a capital markets business from the ground up. In 2017, we built a company of 8 people consolidated in a small office in New York to become a giant of the retail trade which today achieves billions of volumes in several countries."

Ballensweig will remain with the firm for the foreseeable future as an adviser and said he would "take the time to travel and enjoy the holidays with friends and family before diving into [his] next chapter" . Previously, Genesis CEO Michael Moro stepped down in August as the company entered a period of transition.

It looks like the booming business of Genesis has been hit hard amid the global crypto winter. In July, Moro confirmed that Genesis had investment exposure in now liquidated Singaporean crypto hedge fund Three Arrows Capital (3AC). According to Moro, the company mitigated the losses but nonetheless issued a margin call to 3AC which fell on deaf ears.

Despite the tough conditions, Ballensweig says he will "absolutely" stay in the crypto ecosystem. "My mission will be to help facilitate the next cycle of growth and mainstream adoption through my expertise in capital and information flows, trade and lending, yield, enterprise, and participant matching. institutions with crypto-native opportunities,” he said.