CoinDesk: The lending arm of crypto investment bank Genesis Global Trading is temporarily suspending redemptions and new loan originations in the wake of FTX’s collapse, Interim CEO Derar Islim told customers on a call Wednesday.
The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022, according to the company’s website.
Genesis Trading, which acts as Genesis Global Capital’s broker/dealer, is independently capitalized and operated separately from that lending unit, Islim said. He added that Genesis’ trading and custody services remain fully operational.
Islim told the participants on the call that Genesis is exploring solutions for the lending unit, including finding a source of fresh liquidity. He said Genesis intends to detail its plan to clients next week.
Genesis owner Digital Currency Group (DCG) is also the parent company of CoinDesk.
“Today Genesis Global Capital, Genesis’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations. This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion,” said Amanda Cowie, vice president of communications and marketing at DCG. more
Every minute!
You’ll own nothing and be happy.
They should have based their operations in Ukraine.
What I heard was:
“You can have a little bit of YOUR money, slowly, as we get ready to Fuck Off to a country with no extradition treaty.”
I always keep enough funds stashed away in a safe place to finance a trip to anywhere in the world I need to go to catch up with anyone who would rob me of my life savings.
The arrogant little prick is tweeting about his good intentions this afternoon and evening.
So it already isn’t your money any more. It just looks like it on paper.
I want to know what happened to all that crypto money. I’ve always been told everything going through the internet is traceable. Now the government wants people to use crypto dollars? How safe would that be in light of current events!