GSR Co-founder: The Block's report is unfair, GSR continues to be profitable and is increasing its market share

ChainCatcher news, in response to The Block's report citing informed sources that GSR is downsizing its team, GSR co-founder Rich Rosenblum stated that GSR's business is very strong and has successfully weathered three bear markets without raising external funds. The company's balance sheet is robust. Regardless of market conditions, GSR continues to be profitable and steadily increases its market share.

Rich Rosenblum indicated that The Block's report attempts to imply that the number of personnel leaving within 18 months is greater than the normal turnover during bear markets. GSR has experienced many personnel changes over the past decade, but equating this with strategic changes during bear markets to write a sensational article is irresponsible.

ChainCatcher previously reported that, according to sources cited by The Block, Chief Financial Officer Jonathan Hugh and several executives have left, including GSR's Global Head of Products Benoit Bosc and Director of Trading Operations Aman Bhalla. The company has been downsizing during the bear market, and trading volume on local exchanges has decreased.