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According to Bloomberg, cryptocurrency conglomerate Digital Currency Group promoted Mark Murphy to president from chief operating officer as part of a restructuring that saw about 10 employees exit the company. Notices to those impacted by the reshuffling at the Stamford, Connecticut-based firm, which controls asset-manager Grayscale Investments and brokerage Genesis, among others, went out last week, according to a person familiar with the matter. DCG, run by founder and Chief Executive Barry Silbert, has 66 employees left following the reorganization. “We recently made a series of internal changes to position DCG for its next phase of growth, including a streamlining of our departments alongside several promotions on our leadership team,” a spokesperson said. DCG-subsidiary Genesis has already been hit with a wave of departures and firings in recent months. The brokerage and lender’s chief executive officer stepped down in mid-August as the unit eliminated 20% of its workforce. A handful of its trading-desk personnel have also departed since then, as have its head of market insights and its chief risk officer. Genesis was the biggest creditor ensnared in the collapse of Three Arrows after the fund failed to meet margin calls. DCG assumed some liabilities and filed a $1.2 billion claim against Three Arrows, which is under liquidation.

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【Bloomberg: Digital Currency Group names Murphy president, cuts 10% of staff】According to Bloomberg, cryptocurrency conglomerate Digital Currency Group promoted Mark Murphy to president from chief operating officer as part of a restructuring that saw about 10 employees exit the company. Notices to those impacted by the reshuffling at the Stamford, Connecticut-based firm, which controls asset-manager Grayscale Investments and brokerage Genesis, among others, went out last week, according to a person familiar with the matter. DCG, run by founder and Chief Executive Barry Silbert, has 66 employees left following the reorganization. “We recently made a series of internal changes to position DCG for its next phase of growth, including a streamlining of our departments alongside several promotions on our leadership team,” a spokesperson said. DCG-subsidiary Genesis has already been hit with a wave of departures and firings in recent months. The brokerage and lender’s chief executive officer stepped down in mid-August as the unit eliminated 20% of its workforce. A handful of its trading-desk personnel have also departed since then, as have its head of market insights and its chief risk officer. Genesis was the biggest creditor ensnared in the collapse of Three Arrows after the fund failed to meet margin calls. DCG assumed some liabilities and filed a $1.2 billion claim against Three Arrows, which is under liquidation.

Bloomberg: Digital Currency Group names Murphy president, cuts 10% of staff

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