Genesis (Company)

From CryptoWiki

(Redirected from Genesis)

Basics

History

"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."

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

Team, Partners

Creditors of Genesis

  1. Gemini: $765m
  2. Mirana: $151m (120M of it turned out to be collateralized positions that got already liquidated)
  3. Moonalpha (Babel): $150m
  4. Coincident Cap (Mex/Finex Leaderboarders): $110m
  5. Decentraland: $55m
  6. VanEck: $53m
  7. Abra: $30m
  8. Cumberland: $18m
  9. Stellar Foundation: $13m