Difference between revisions of "Genesis (Company)"
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== History == | == History == | ||
* Got into trouble after the [[FTX (FTT)|FTX]] crash in late 2022. For a [https://twitter.com/CryptoCred/status/1594818326282534912 simplified timeline] (22-11-2022): | * Has filed for [https://decrypt.co/119639/genesis-bankruptcy-chapter-11 bankruptcy] (20-1-2023): | ||
''"The company was battered by the fall of [[Three Arrows Capital (3AC)|Three Arrows Capital]] and [[FTX (FTT)|FTX]] and is under fire from the [[Securities and Exchange Commission (SEC)|SEC]]. The company, which is a subsidiary of Digital Currency Group ([[Digital Currency Group|DCG]]), says that it has more than $150 million in cash on hand, which it describes as "ample liquidity" to fund operations during the restructuring process."'' | |||
*Got into trouble after the [[FTX (FTT)|FTX]] crash in late 2022. For a [https://twitter.com/CryptoCred/status/1594818326282534912 simplified timeline] (22-11-2022): | |||
November 8: "No material net credit exposure" | November 8: "No material net credit exposure" | ||
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November 21: We'll go bankrupt without the money | November 21: We'll go bankrupt without the money | ||
*Genesis Global Capital, the lending arm of leading digital asset brokerage Genesis Trading, [https://thedefiant.io/genesis-halts-withdrawals announced] (16-11-2022) that it has halted withdrawals and new loans due to “unprecedented market turmoil” created by FTX’s collapse. | *Genesis Global Capital, the lending arm of leading digital asset brokerage Genesis Trading, [https://thedefiant.io/genesis-halts-withdrawals announced] (16-11-2022) that it has halted withdrawals and new loans due to “unprecedented market turmoil” created by FTX’s collapse. [https://www.mollywhite.net/etc/ftx-contagion Seemed] to have had $175M locked in FTX. | ||
*[https://coinmetrics.io/the-business-trends-of-crypto-exchanges/ Has] a BitLicence since 2018. | *[https://coinmetrics.io/the-business-trends-of-crypto-exchanges/ Has] a BitLicence since 2018. | ||
==Investments == | ==Investments == | ||
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== Team, Partners == | == Team, Partners == | ||
* Michael Moro; ex-CEO, [https://decrypt.co/107642/genesis-cuts-20-staff-ceo-michael-moro-out stepped down] on 17-8-2022. The firm will also cut 20% of its 260-person workforce to reduce costs. | * Michael Moro; ex-CEO, [https://decrypt.co/107642/genesis-cuts-20-staff-ceo-michael-moro-out stepped down] on 17-8-2022. The firm will also cut 20% of its 260-person workforce to reduce costs. Later 30% was [https://decrypt.co/118499/genesis-cuts-staff-30-percent-ftx-fallout mentioned] (6-1-2023). | ||
*Founding member of the [[Crypto Rating Council]] (9-2019). | *Founding member of the [[Crypto Rating Council]] (9-2019). | ||
*Genesis is a [[CoinDesk]] sister company (24-2-2021). | *Genesis is a [[CoinDesk]] sister company (24-2-2021). | ||
*Customer of [[Fireblocks]] | *Customer of [[Fireblocks]] | ||
=== Creditors of Genesis === | |||
* Recognizable names among [https://twitter.com/HsakaTrades/status/1616304720385122306 Genesis creditors] (20-1-2023): | |||
# [[Gemini]]: $765m | |||
# [[Mirana Ventures|Mirana]]: $151m (120M of it turned out to be collateralized positions that got already liquidated) | |||
# Moonalpha (Babel): $150m | |||
# Coincident Cap (Mex/Finex Leaderboarders): $110m | |||
# [[Decentraland (MANA)|Decentraland]]: $55m | |||
# VanEck: $53m | |||
# [[Abra]]: $30m | |||
# Cumberland: $18m | |||
# [[Stellar Lumens (XLM)|Stellar]] Foundation: $13m | |||
* | * | ||
[[Category:Companies/Organisations]] | [[Category:Companies/Organisations]] | ||
Latest revision as of 04:08, 2 February 2023
Basics
- Owned by Barry Silbert’s Digital Currency Group.
History
- Has filed for bankruptcy (20-1-2023):
"The company was battered by the fall of Three Arrows Capital and FTX and is under fire from the SEC. The company, which is a subsidiary of Digital Currency Group (DCG), says that it has more than $150 million in cash on hand, which it describes as "ample liquidity" to fund operations during the restructuring process."
- Got into trouble after the FTX crash in late 2022. For a simplified timeline (22-11-2022):
November 8: "No material net credit exposure"
November 9: We lost $7M
November 10: Okay, we have $175M locked in FTX
November 16: Sorry, no withdrawals or new loans
November 17: Okay, we need $1BN
November 21: We'll go bankrupt without the money
- Genesis Global Capital, the lending arm of leading digital asset brokerage Genesis Trading, announced (16-11-2022) that it has halted withdrawals and new loans due to “unprecedented market turmoil” created by FTX’s collapse. Seemed to have had $175M locked in FTX.
- Has a BitLicence since 2018.
Investments
- Sponsored Coin Center
- Is listed as one of the investors in Fortuna
- Partners (2-4-2020) with iExec.
- Genesis CEO Michael Moro has confirmed that the crypto platform did indeed have exposure to Three Arrows Capital (7-7-2022).
- Maps.Me; part of a $50M raise together with Alameda Research and CMS (18-2-2021).
- Oxygen; part of a $40M raise together with Alameda and CMS (24-2-2021).
Team, Partners
- Michael Moro; ex-CEO, stepped down on 17-8-2022. The firm will also cut 20% of its 260-person workforce to reduce costs. Later 30% was mentioned (6-1-2023).
- Founding member of the Crypto Rating Council (9-2019).
- Genesis is a CoinDesk sister company (24-2-2021).
- Customer of Fireblocks
Creditors of Genesis
- Recognizable names among Genesis creditors (20-1-2023):
- Gemini: $765m
- Mirana: $151m (120M of it turned out to be collateralized positions that got already liquidated)
- Moonalpha (Babel): $150m
- Coincident Cap (Mex/Finex Leaderboarders): $110m
- Decentraland: $55m
- VanEck: $53m
- Abra: $30m
- Cumberland: $18m
- Stellar Foundation: $13m
