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Genesis director quits role, expected to remain associated with the organisation

According to Cointelegraph, Matthew Ballensweig is expected to remain at the firm as an advisor

Genesis director quits role, expected to remain associated with the organisation
Previously, Michael Moro, CEO, Genesis, resigned from his position during the company’s transition period

Matthew Ballensweig, managing director, Genesis, a cryptocurrency broker, made the announcement through Linkedln about leaving his post after more than five years of tenure. Ballensweig is also the co-head of trading and lending at Genesis, as reported by Cointelegraph.

According to Cointelegraph, Ballensweig is expected to remain at the firm as an advisor, and said he will be allotting time to travel and enjoy the holidays with friends and family. Ballensweig also highlighted that he will be transitioning his responsibilities to his colleagues, who are expected to take on his duties. Previously, Michael Moro, CEO, Genesis, resigned from his position during the company’s transition period. Reportedly, Genesis’ business took an effect due to the implications of the overall cryptocurrency winter. In July, Moro made the confirmation that Genesis received investment exposure in the liquidated Singaporean cryptocurrency hedge fund Three Arrows Capital. As mentioned by Moro, the firm had mitigated losses but issued a margin call to 3AC which wasn’t effective. 

“My mission will be to help facilitate the next cycle of growth and mainstream adoption through my expertise in capital and information flow, trading and lending, yield, venture, and bridging institutional participants with crypto-native opportunities,” Ballensweig stated.

Moreover, Cointelegraph noted that despite the presence of challenging conditions, Ballensweig made the point about staying within the cryptocurrency ecosystem.

Going by Cointelegraph’s official website, founded in 2013, it is an independent digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends. Their team aims to deliver news from both the decentralised and centralised worlds. The platform aims to deliver editorial content is around news, analytics, cryptocurrency price charts, opinion pieces, as well as reports on the social transformation that digital currencies bring.

(With insights from Cointelegraph)

Also Read: CFTC suggests unit for cryptocurrency protection of retail investors

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