Share this article
Genesis Sales, Trading Chief Ballensweig Exits Crypto Lender
The departure follows massive losses and a new management team put in place earlier this year.
By Danny Nelson
Updated May 11, 2023, 4:25 p.m. Published Sep 28, 2022, 7:02 p.m.
The shakeup at Genesis Trading continued Wednesday as co-Head of Sales and Trading Matt Ballensweig announced his departure from the crypto lending desk, which lost hundreds of millions of dollars during this year’s crypto contagion.
Ballensweig said in a tweet that he will remain an adviser to Genesis “for the foreseeable future.” He said he had already shifted his day-to-day responsibilities to colleagues to close out his five-year tenure at the Digital Currency Group-owned firm (CoinDesk is a sister company).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Genesis has suffered an exodus of talent in the wake of its massive losses to failed crypto hedge fund Three Arrows Capital. In August, it cut 20% of staff and its CEO Michael Moro resigned; research chief Noelle Acheson later called it quits. Meanwhile, Head of Derivatives Joshua Lim appears to have one foot out the door. At the same time, however, the trading firm added a chief risk officer, chief compliance officer and chief technology officer to its management ranks.
UPDATED (Sept. 9, 18:26 UTC): Adds information about recent hirings at Genesis.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
