iHodl.com
Main page News, Crypto Market, Genesis

Cryptocurrency brokerage firm Genesis owes creditors over $3 billion as its parent company Digital Currency Group (DCG) is seeking options to find more cash to weather the crisis, the Financial Times has learned, citing people familiar with the matter.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The report says DCG is currently considering selling parts of its portfolio holdings (such as exchanges, banks and custodians). The whole sum of the projects is worth about $500 million. Although the timeframe of the offloading remains unclear, sources say some of DCG's assets are illiquid, which means it would likely to take some time to sell them.

The news follows accusations by Cameron Winklevoss, co-founder and president of digital currency exchange Gemini, who recently blamed the head of DCG, Barry Silbert, for engaging in "bad faith" tactics.

Gemini's Winklevoss Calls for Removal of DCG CEO Barry Silbert

As iHodl earlier reported, Gemini's lending arm, Gemini Earn, halted withdrawals, citing issues at Genesis. The exchange wrote in a blog post that Genesis' partial suspension of services had made it impossible to meet requirements of the service-level agreement.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.