Genesis, a Cryptocurrency Lender, Owes Creditors $3 Billion
Industry News
January 13, 2023Upd on August 16, 2023
According to sources cited by the Financial Times (FT), Genesis’s parent company Digital Currency Group (DCG), is thinking about selling some of the venture assets in its portfolio to acquire funds to assist in paying off the creditors. The debt of Genesis is more than $3 billion.
Genesis already cut roughly 30% of its personnel earlier this month as it dealt with the consequences from FTX, which had already forced them to halt client withdrawals.
According to the FT, DCG, which has a venture capital portfolio worth about $500 million, has had problems finding outside investment.
Genesis creditors have expressed worries about the situation, with one, Gemini co-founder Cameron Winklevoss, calling for the resignation of DCG CEO Barry Silbert this week.
Alexander Shishkanov has several years of experience in the crypto and fintech industry and is passionate about exploring blockchain technology. Alexander writes on topics such as cryptocurrency, fintech solutions, trading strategies, blockchain development and more. His mission is to educate individuals about how this new technology can be used to create secure, efficient and transparent financial systems.
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Seasoned copywriter with a focused expertise in crypto and fintech, adept at translating complex industry jargon into clear, engaging content. Driven by my mission to illuminate the intricacies of the crypto and fintech industries, my commitment is to create and deliver content that educates, engages, and empowers. I strive to foster understanding, inspire confidence, and catalyze growth in these dynamic sectors, contributing to the forward momentum of our digital financial future.
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Milena MoonMilena Moon is the head of media projects in the marketing department of the B2Broker Group. Milena's career began in 2018 as a freelance social media journalist. Since then, she has sought out and written about the latest crypto trends, from news in the sector to educational articles that help newcomers immerse themselves in the crypto industry in the easiest way possible. Milena also has experience and education in the TV industry, which help other B2Broker projects thrive.
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