Crypto Lending Firm Genesis Global Halts Redemptions
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Genesis Global Capital – a crypto lending company – has suspended all redemptions and related activity as it’s now one of the latest firms to be feeling the heat and buzz caused by the collapse of FTX. Genesis Global Is Stopping All Redemptions A spokesperson for Genesis Global is assuring followers that the move is only temporary. The stoppage is designed to help the company better understand what happened and protect itself from potential ripple effects following the exchange’s crash. Right now, the company is working on establishing the liquidity it needs to ensure all traders meet the company’s present
Not long ago, Live reported that Genesis Global Capital – the lending division of the Digital Currency Group (DCG) – was preparing for bankruptcy. While it looked like the situation was inevitable, it was believed that there was potentially a small chance that the company was going to be able…
It’s happened again, folks. Another bankruptcy is in the crypto books. This time, the company that’s falling victim to alleged bankruptcy proceedings is Genesis, the crypto lending unit of the Digital Currency Group that has worked heavily with Gemini, a crypto exchange in New York run by the Winklevoss Twins.…