Barry Silbert Genesis Global Holdco city Venture business Grayscale Venture Capital Digital Currency Group Barry Silbert Genesis Global Holdco city Venture

DCG companies have laid off over 500 employees as contagion spreads

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cointelegraph.com

Hundreds of people have lost their jobs at companies owned by crypto venture capital firm Digital Currency Group (DCG), as the long crypto winter, made colder by the FTX collapse, continues to affect the sector.

Amid the recent layoffs, London-based cryptocurrency exchange Luno announced on Jan. 25 a reduction of 35% in its workforce, letting go of nearly 330 professionals as a result of turbulence in the tech and crypto industries, which affected the firm’s overall growth and revenue numbers.

Luno was part of DCG’s portfolio, alongside HQ Digital, an asset management subsidiary incubated by DCG since 2020 that managed $3.5 billion in assets as of December 2022.

HQ’s operations were shuttered in January 2023, affecting at least 26 employees, according to its LinkedIn profile. In a letter to shareholders on Jan.

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