Genesis has 145 employees left after rounds of layoffs.
In its most recent round of layoffs, Genesis Global Training Inc. let go of more than 60 workers or around 30% of the workforce of the ailing cryptocurrency brokerage.
The layoffs, which come after the most recent wave of employment cuts last year, portend more unrest amid a protracted crisis in the market for digital assets.
The company needs more time to resolve the credit unit.
The abrupt shutdown of FTX, one of the biggest cryptocurrency exchanges in the world, at the end of 2022 has shaken the market for digital assets and put Genesis, which is attempting to acquire new funds for its lending arm, into a liquidity crisis.
This Thursday, the company declared that it needs more time to resolve issues affecting its whole credit division and that, if necessary, bankruptcy protection may be sought.