Significantly, the entire market has been affected by the ongoing crisis of FTX and Alameda over recent months. All businesses and sectors linked with crypto space experienced a terrible face of its life. In that line, Alameda or Genesis were the creditors of Genesis global over a certain period. Thus,
According to a Dec. 3 Financial Times report citing people familiar with the subject. Crypto lender Genesis and its parent firm Digital Currency Group (DCG) are believed to owe $900 million to Gemini’s consumers. Furthermore, the problem originated with the shocking FTX crash in November. In cooperation with Genesis, the
The casualties of the FTX collapse are not seemingly slowing down. Evidently, the bankrupted crypto exchange’s fall caused the global crypto market cap to plunge to $780 billion on Monday. Popularly, November 2021 turned out to be the crypto summer when the crypto market cap rose to $3 trillion. Notably,
Genesis Global Capital, a lending division of Genesis Trading, temporarily halted withdrawals at the end of last week. The parent business, Digital Currency Group, said that they made the call because of the “extreme market dislocation” and “loss of industry confidence” that FTX’s collapse created. The corporation promptly applied for
Crypto lender Genesis turned up to clearly state that they have no intention to immediately file for bankruptcy. The Digital Currency Group-owned brokerage declared this through an email statement, as reported by Bloomberg. Genesis opts to do outreach to investors and clients seeking credits for recovery. Genesis spokesperson stated: “We
According to a report by WSJ, cryptocurrency lender Genesis attempted to obtain a $1 billion loan from investors to prevent a liquidity constraint caused by the impact of the bankruptcy of cryptocurrency exchange FTX. Genesis required the credit by Monday at 10 am EST. Because of “abnormal withdrawal requests which
After Genesis, a troubled crypto lending service halted client withdrawals on Wednesday, prominent cryptocurrency market maker B2C2 decided to help. Max Boonen, the founder of B2C2, tweeted minutes after the trading firm’s statement, “B2C2Group wishes to extend an offer to purchase loans from Genesis Trading’s book to alleviate the current
In reaction to the news that exchange withdrawals were being frozen, Tether released a brief statement on November 16 stating that it has no risk to interest-bearing Gemini Earn. Or the institutional crypto lender Genesis Global. USDT was hoping to set itself apart from other crypto organizations that were experiencing
On Wednesday, interim CEO Derar Islim said that Genesis Global Trading’s lending division has temporarily halted withdrawals and new loan originations in the aftermath of FTX’s bankruptcy. Genesis Global Capital, the division in charge of servicing institutional clients, has $2.8 billion in outstanding loans as of the end of the
On November 10th, Genesis Trading said that its parent firm, Digital Currency Group, will inject an additional $140 million in equity funding into the business. To “strengthen its balance sheet” and “position itself as a worldwide leader in crypto capital markets,” the business said it made this choice. The financial
