Crypto market maker GSR is shrinking due to bear market impact.
Several senior executives and department heads have left the company during this period at GSR, including CFO Jonathan Hugh.
Market maker GSR has layoffs
While GSR is known as one of the oldest market makers in the crypto market, it is on the decline due to the drop in trading volume caused by the bear market in the US. Various sources state that as part of this downsizing, many executives left the company, including senior executives and department heads.
Among these exits, the departure of Finance Director Jonathan Hugh stands out. It is known that he played a role in establishing the financial function of the company. In addition, Benoit Bosc, Head of Global Product at GSR, and Aman Bhalla, Director of Commercial Operations, are among the names leaving the company.
It is stated that these separations have led to serious changes in the management structure of the company, especially as the departure of Quentin Dubois and Romain Bernard, who were appointed as co-chairs of trade after the departure of global head of trade, Anthony Vince.
A GSR spokesperson stated that the company is at the center of rapidly changing and volatile crypto markets, emphasizing that they will continue to adapt and evolve to keep up with the pace of the market. Regarding the executive departures, he stated that the business operations and strategy have developed in line with the market conditions, but there has been no restructuring.
Jeff Stern, Business Development Director of GSRGSR CEO Sees FTX Crash as Opportunity, is also cited as one of these departures. However, other names Bosc, Bhalla, Bernard, Dubois and Vince did not respond to requests for comment. Some former GSR employees also shared their views on the departures and its impact on the company, but chose to keep their names confidential.
