Difference between revisions of "Genesis (Company)"
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* 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). | ||
Revision as of 07:47, 16 January 2023
Basics
- Owned by Barry Silbert’s Digital Currency Group.
History
- 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
