Difference between revisions of "Genesis (Company)"

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

@@ Line 1: / Line 1: @@
-== Basics ==
+==Basics ==
-* [https://coinmetrics.io/the-business-trends-of-crypto-exchanges/ Has] a BitLicence since 2018.
-== Main links  ==
+* Owned by [[Barry Silbert]]’s [[Digital Currency Group]].
+== History ==
+* 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 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, [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.
+==Investments ==
 * Sponsored [[Coin Center]]
 * [https://www.fota.io/ Is listed] as one of the investors in [[Fortuna (FOTA)|Fortuna]]
-* Founding member of the [[Crypto Rating Council]] (9-2019).
 * [https://medium.com/iex-ec/iexec-onboards-new-gpu-computing-provider-genesis-cloud-used-by-edf-73a8d3211c4 Partners] (2-4-2020) with [[iExec]].
 *Genesis CEO Michael Moro has [https://decrypt.co/104593/genesis-joins-list-firms-liquidated-three-arrows-capital confirmed] that the crypto platform did indeed have exposure to [[Three Arrows Capital (3AC)|Three Arrows Capital]] (7-7-2022).
+*[[Maps.me (MAPS)|Maps.Me]]; part of a [https://decrypt.co/54326/alameda-leads-50-million-seed-funding-round-in-maps-me $50M] raise together with [[Alameda Research]] and [[CMS]] (18-2-2021).
+*[[Oxygen]]; part of a [https://www.coindesk.com/alameda-research-oxygen-defi-prime-brokerage-oxy $40M] raise together with Alameda and CMS (24-2-2021).
 == Team, Partners ==
-* Michael Moro; CEO
+* 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).
+*Genesis is a [[CoinDesk]] sister company (24-2-2021).
+*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]]