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Crypto lending firm Genesis, a subsidiary of Digital Currency Group (DCG), will stop offering spot and derivatives trading for crypto assets through its British Virgin Islands unit.According to a Sept. 14 statement from a Genesis spokesperson, the firm will “voluntarily and for business reasons” wind down its digital asset trading
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"Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI)," the statement reads. "This decision was made voluntarily and for business reasons. With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities." Source
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Digital Currency Group (DCG), the parent company of the insolvent crypto lending firm Genesis, is pushing for a repayment plan for its creditors, which includes participants in the Gemini Trust Co.’s Earn program. In a filing on Wednesday, Sep. 12, DCG assured Gemini Earn program investors that they could potentially receive
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“Depending on how the bankruptcy claim is calculated, the Earn customers are estimated to get between $440 million and $765 million of a claim,” a DCG executive, who asked not to be identified, said in an interview. “That claim is estimated to receive distributions of $400 million to $535 million.
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The Web3 platform ZTX achieved a record-breaking sale of 4,000 Genesis Homes NFTs, showcasing enthusiasm for the metaverse despite a bearish NFT market. The Web3 platform focused on the metaverse ZTX backed by Jump Crypto, achieved a record-breaking sale of its inaugural collection of 4,000 Genesis Homes NFTs, despite the current
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Genesis Global is suing its parent company, Digital Currency Group (DCG), to recover $620 million in unpaid loans amid ongoing bankruptcy proceedings and settlement talks. The lawsuit was filed in a New York bankruptcy court on Wednesday, Sep. 6. Genesis’ lawsuit centers on loans they claim matured in May. This debt
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Bankrupt cryptocurrency lender Genesis Global Capital (GGC) filed two suits on Sept. 6 seeking the repayment of overdue loans from affiliated companies. The loans are worth over $600 million in total. GGC filed the complaints against Digital Currency Group (DCG) and DCG International Investments (DCIG) in the Southern District of New
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Genesis Global Capital, a subsidiary of Digital Currency Group, filed in court for DCG to repay outstanding loans in excess of $600 million on Wednesday. Source
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The decision by Genesis Global Trading (GGT) to wind down its business was reportedly voluntary and is currently working with regulators to ensure an orderly closure of services. Genesis Global Trading (GGT), a subsidiary of Barry Silbert’s Digital Currency Group that owns Grayscale Investments, has written a letter to its
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Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was not affected when the parent company’s crypto lender, Genesis Global Capital, declared bankruptcy in January. The GGT trading shutdown is
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