Matthew Ballensweig – managing director of crypto broker Genesis – reportedly disclosed his decision to depart from his job, following more than half a decade of tenure. 

Specifically, Ballensweig also took up the co-head role of trading and lending at Genesis. As revealed by Ballensweig, he has been transitioning his primary tasks to a number of trusted colleagues. 

“I am forever thankful to both Digital Currency Group [Genesis’ parent company] and Genesis for giving me the opportunity to build a capital markets business from the ground up. We built an 8-person company huddled in a small office in New York City back in 2017 to a sell-side trading behemoth doing billions in volumes in multiple countries today.”

Ballensweig is reportedly still going to remain at the company for the foreseeable future working as an advisor, and further revealing he will “take some time to travel and enjoy the holidays with friends and family before delving into [his] own next chapter.” 

In the past, Head of Genesis Michael Moro also left his role in August as the firm started a transition phase. 

It seems that Genesis’ quickly developing business suffered from a major setback as affected by bearish movements of the overall crypto market. In July, Moro confirmed that Genesis had investment exposure in the now-liquidated Singaporean crypto hedge fund Three Arrows Capital (3AC). 

Per Moro, the firm had mitigated losses but nevertheless issued a margin call to 3AC which was never responded.

Regardless of challenges in these tough times, Ballensweig claims that he will “absolutely” be not leaving 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 flow, trading and lending, yield, venture, and bridging institutional participants with crypto-native opportunities”.