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 Mark Murphy to president amid a restructuring in which some 13% of its staff departed, Bloomberg reported on Wednesday.

Around 10 employees left the Stamford, 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 after the hedge fund filed for bankruptcy. Genesis has filed a $1.2 billion claim.

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

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

Read more: Crypto Finance Firm Galaxy Digital to Cut One-Fifth of Workforce: Sources