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Market Maker GSR Conducts Staff Layoffs Amid Crypto Winter

BlockNews Team by BlockNews Team
October 13, 2022
in Business, Crypto, Media
Reading Time: 3 mins read
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Crypto market maker and liquidity provider in the industry, GSR fired their staff in what they called “structural changes” in the third quarter of this year. The company joins the list of trading shops that have downsized their growth ambitions amid the chilly crypto winter.

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A spokesperson said that GSR, which boasts 300 employees globally, cut less than 10% of staff.

“After a period of rapid expansion, our focus is on improving overall efficiency and continued development of our technology and trading capabilities,” said the spokesperson adding that the company is planning to build out its Investment Management arm.

A GSR representative also stated that after the planned expansion, the firm aims to improve by comprehensive efficiency and continuity of developing their technology and trading ability.

The downsizing extends a wave of layoffs that have swamped crypto exchanges, staking companies, and trading houses all trying to navigate the prolonged market sell-off.

Why Is GSR Considered a Crypto Market Maker?

GSR is a liquidity provider, over-the-counter and options trading desk, and offers risk management services at the center of all those markets. The firm has also been exploring NFT market-making.

Founded in 2013 by Goldman Sachs, GSR is one of the oldest market makers in crypto. The firm sources and provides spot and non-linear liquidity in digital assets for token issuers, miners, investors, and leading crypto exchanges.

GSR connects 60 trading venues, including the world’s leading DEXs. The firm appliances systematic strategies to the digital asset ecosystem, making it a top market maker.

Cryptocurrency Layoffs

The layoffs come when the crypto industry is in a bad state. Top executives from leading crypto firms such as FTX, NYDIG, OpenSEA, and Genesis have stepped down from their positions.

Firms such as Crypto.com, Coinbase, and Gemini have also conducted layoffs. 

Crypto trading firms have struggled since the beginning of the bear market. Genesis, for instance, went through a major reshuffle in its management following its high-profile losses from the defunct crypto hedge fund Three Arrows Capital.

The trading firm lent $2.36 billion to the hedge fund and its parent company, Digital Currency Group, stepped in to take the firm’s liabilities and made a $1.2 billion claim against 3AC.

Investment firm Galaxy Digital’s co-head of trading Robert Bogucki left the company to join Brevan Howard’s crypto arm BH Digital.

Galaxy Digital also had exposure to Three Arrows Capital and is listed as a creditor to the hedge fund. The investment firm posted a loss of $554 million in its recent quarterly earnings report and recently terminated a high-profile acquisition of crypto custodian BitGo.

Last week, Opensea lost a top administrator as the NFT marketplace Chief Financial Officer Brian Roberts, resigned from its position.

Fintech banking platform, Truelayer recently announced that it plans to reduce its workforce by 10%.

In August, Australian cryptocurrency exchange, Swyftx also said it intends to cut down on its staff strength by 21%.

Tags: BusinesscryptoGSR
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