According to information from The Block, GSR - a long-standing Crypto market maker - has undergone a large-scale reform process, in order to downsize its operations and see the departure of many important personnel.
Accordingly, Jonathan Hugh – Chief Financial Officer – is the latest name to leave GSR, followed by a series of other senior managers such as Benoit Bosc – Product Manager, Aman Bhalla – Transaction Manager, Romain Bernard – Director of DeFi, Quentin Dubois – Director of Quant Trading, Jeff Stern – Director of Business Development,…
In an interview with The Block, a representative of GSR shared:
“During the past 10 years, GSR has played an important role in the crypto market – a rapidly changing and ever-changing market. Our operations and strategy have naturally changed to reflect the market situation, however, we have not implemented any reform process.” However, a representative of GSR has admitted that Benoit Bosc and Aman Bhalla will leave the company at the end of August and are currently in the process of exchanging and transferring duties.
According to The Block, during the peak of the crypto market in 2021, GSR has more than 300 personnel, many times more than 25 in 2020. But by the end of 2022, to face With a long cooling down period, the company had to cut staff to only about 250 people.
One source commented that GSR's rapid expansion of operations in 2021 has indeed impacted the company's long-term health. Besides increasing the number of human resources staff, GSR also recruited many managers from Wall Street. However, these individuals lacked crypto experience, leading to a marked shift in corporate culture, causing a sensation similar to the “Goldman Sachs of traditional finance”.
After the reform process, GSR is said to focus on its main service of making markets on cryptocurrency exchanges, reducing inefficient markets like DeFi. In addition, the company will also expand its GSR Capital service, providing investment products in the crypto market to institutional clients.
However, the source emphasized that this will become more difficult due to the crypto regulatory situation, especially in the US, which has seen many negative changes in 2023. The source said:
“Jump, Wintermute, and GSR have all avoided participating in trading on US exchanges as much as possible, and these market makers are also making fewer trades than before.”
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