DCG closes subsidiaries and downsizes Genesis
HQ Digital, one of Digital Currency Group's asset management subsidiaries, is shutting down.
Meanwhile, another Genesis subsidiary has had new layoffs. The cryptocurrency lender cut its staff by another 30% (to 145 people). According to an insider, the company is mostly cutting sales and business development departments.
Genesis had sent out letters of explanation to customers a couple of days earlier. They said they would cut costs and improve efficiency to overcome difficult conditions.
