Share this article
Market Maker GSR Cuts Staff Amid Crypto Winter
The trading shop cut less than 10% of staff to “continue to position our business for long-term growth,” a spokesperson told CoinDesk
By Danny Nelson
Updated May 9, 2023, 3:59 a.m. Published Oct 11, 2022, 4:58 p.m.
Make us preferred on Google
Crypto market maker GSR laid off staff “as part of structural changes” in the third quarter, the company confirmed to CoinDesk, becoming the latest trading shop to downsize growth ambitions amid chilly crypto winter.
GSR cut “less than 10%” of staff, the spokesperson said; GSR’s website boasts of 300 employees globally.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“After a period of rapid expansion, our focus is on improving overall efficiency and continued development of our technology and trading capabilities,” the spokesperson said.
The belt-tightening extends a wave of layoffs that have swamped crypto exchanges, staking companies and trading houses all trying to navigate the prolonged market selloff. GSR is a liquidity provider, over-the-counter and options trading desk and investor with its finger on the pulse of those markets.
GSR is planning to build out its Investment Management arm as well, the spokesperson said.
More For You
Hong Kong remains committed to digital assets but feels competition from an ‘aggressive’ UAE
Dubai and Abu Dhabi have established a solid regulatory framework for virtual assets, and each region has brought this under the auspices of a single, dedicated regulatory authority.
What to know:
- Hong Kong could take lessons from the UAE and Korea regarding crypto regulation, said a member of the China National Committee, speaking at Consensus Hong Kong.
- The undersecretary from Hong Kong's Treasury said an enduring attraction of Hong Kong is that there are “no surprises” from regulators.
Top Stories
