Following the implosion of FTX and the locking up of over $175 million, Genesis’s lending arm faces a liquidity crisis and is actively seeking new capital.
Cryptocurrency lender Genesis Global Capital has paused withdrawals and loan applications following the collapse of FTX Exchange, per a tweet from Genesis Trading.
Genesis Global Capital boasts an institutional clientele with over $2.8 billion in active loans.
Genesis Trading operates as the broker arm of Genesis Capital and is independently operated and capitalized from the broader lending institution, interim CEO Derar Islim said. However, Islim did state that trading operations and custody services currently remain operational.
„Today Genesis Global Capital, Genesis’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations,” said Amanda Cowie, vice president of communications and marketing at Digital Currency Group (DCG), parent company of Genesis.
Islim also explained that
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