The 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.
Murphy is DCG's first president. Jenn Goodson was named as chief administrative officer; Simon Koster is chief strategy officer; and Matt Kummell is senior vice president of operations. Amanda Cowie is now overseeing communications, marketing and events.
Cryptocurrencies have been mired in a slump this year as the Federal Reserve raises interest rates to combat historic levels of inflation. The downdraft has affected scores of digital-asset companies, with layoffs happening at major exchanges and elsewhere.
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DCG-subsidiary Genesis has already been hit with a wave of departures and firings in recent months. The brokerage and lender's
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. Genesis said last month that
