GSR Market Maker Struggles, Executives Exit Amid Bear Market: Report

Key Points:

• GSR market maker is downsizing due to the bear market, with multiple executives leaving.
• The company is streamlining its operations and focusing on its core business of market making.

According to The Block, GSR Market maker is reportedly downsizing due to the bear market, with multiple executives leaving. The company is streamlining operations and focusing on market-making services.

Crypto market maker GSR is reportedly retreating to survive a bear market, with multiple executives, including C-suite level and department heads leaving the firm. The departures are impacting one of the industry’s best-known players, particularly in the U.S. market.

GSR’s Global Head of Product, Benoit Bosc, and Director of Trading Operations, Aman Bhalla, are also leaving the market maker, according to sources. GSR reportedly rapidly expanded during the recent bull market, with headcount increasing to over 300, before being reduced in a round of layoffs at the end of last year.

The company has also been streamlining its operations and focusing more on its core business of market making. GSR provides market-making services predominantly on centralized exchanges, which have been the subject of regulatory actions from both the SEC and CFTC.

In recent months, GSR and other market makers have become increasingly risk-averse, choosing to trade on fewer venues around the world. While GSR is more cautious about trading on U.S. exchanges, sources say they are unlikely to be concerned about being the direct target of regulatory action from the agencies themselves as they have a thorough process for vetting projects’ tokens.

GSR has also started to diversify its revenue lines by building out a new service called GSR Capital, which offers crypto investment products to institutional investors.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.