Digital Currency Group (DCG) has moved Mark Murphy from the role of chief operating officer to president as part of a restructuring effort.
It comes amid widespread job cuts in the sector as companies brace for the crypto winter.
The Stamford, Connecticut-based crypto firm — which owns Grayscale, Genesis, and CoinDesk — also parted ways with 10 — mostly junior — employees, leaving it with 66. Bloomberg first“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 in a statement.
DCG is best known for its wide-ranging venture portfolio, having backed companies such as Circle, Coinbase, Dapper Labs, and Ripple.A growing number of crypto firms have announced layoffs in recent weeks as they grapple with a bear market and suppressed token prices. Earlier today, The Block revealed that exchange operator Bitmex hadStaff affected by the DCG reshuffle were informed about the changes last week.
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