Digital Currency Group Promotes Mark Murphy to President, Cuts Nearly 13% Staff: Report

Crypto venture capital company Digital Currency Group (DCG) has promoted chief operating officer (COO) Mark Murphy to president, amid a restructure which also saw the departure of some 13% of its staff, Bloomberg reported on Wednesday.

Around 10 employees left the Connecticut-based firm, bringing its headcount to 66, the report said, citing a person familiar with the matter.

Murphy has become the firm's first president, having been at DCG for over four and a half years, including nearly three as COO.

DCG is the parent company of CoinDesk, as well as digital asset manager Grayscale Investments and crypto brokerage Genesis Trading.

Genesis has also cut large swathes of its staff in recent months, after suffering massive losses to Three Arrows Capital (3AC), to which it filed a $1.2 billion claim when the crypto hedge fund went bankrupt.

Crypto firms across the industry have been forced to make cuts to their headcounts since the market hit a slump this summer. As of Oct. 14 11,700 crypto jobs had been lost since the beginning of April, based on media reports and press releases, according to CoinDesk estimates.

DCG did not immediately respond to CoinDesk's request for comment.

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