Market Analysis Report (22 Nov 2022) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Market Analysis Report (22 Nov 2022)

Cryptocurrency lending firm Genesis, which is part of the Digital Currency Group, has said it has no immediate plans to file for bankruptcy after rumors suggested it was planning on doing so should it fail to cover a $1 billion shortfall caused by the collapse of FTX.

Genesis has reportedly faced difficulties raising money for its lending unit and told investors it would have to file for bankruptcy if it could not raise funds. However, the company has said there are no immediate plans to file for bankruptcy. A Genesis spokesperson was quoted saying:

“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing.”

The lender is said to have approached crypto exchange Binance seeking an investment, with Binance deciding against it fearing a conflict of interest down the line.

Genesis suspended customer redemptions in its lending business earlier this month, citing the sudden failure of FTX. Crypto exchange Gemini, whose earn product relies on Genesis, was also affected.

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