Its parent group, Digital Currency Group (DCG) is one of the leading investment groups in crypto and was valued at $10 billion in 2021. Genesis has hired investment banking firm Moelis & Co to help explore all options, including bankruptcy. The Financial Times recently reported that Genesis owes Gemini $900 million, and the exchange has formed a creditors’ committee to recoup the funds from Genesis. All written comments regarding the Strategic Plan should be directed to the Bank. In a recent letter to customers, Genesis CEO Derar Islim said the lending withdrawal freeze is likely to be sorted in a matter of “weeks” instead of days, as was originally stated. To obtain a copy of SoFi Banks Strategic Plan at no charge to the requesting party, individuals may request a copy by email at, by telephone at 84, or by mail at 2750 East Cottonwood Parkway, Suite 300, Cottonwood Heights, UT 84121. Gemini had $2.8 billion in total active loans at the end of Q3 2022. The announcement came as Gemini’s lending partner, Genesis, locked up the exchange customers’ assets by pausing withdrawals. On November 16, 2022, Gemini announced on its blog: “ Genesis Global Capital, LLC (Genesis) - the lending partner of the (Gemini) Earn program - has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days.” FTX founder Bankman-Fried admitted last week that he "f-ed up."įTX may have more than 1 million creditors, according to an updated bankruptcy filing Tuesday, hinting at the huge impact of its collapse on crypto traders.It’s been a bad month for many in the crypto world, including Gemini Exchange and its owners and founders, billionaire twin brothers T yler Winklevoss and Cameron Winklevoss. In a matter of days, FTX went from a $32 billion valuation to bankruptcy as liquidity dried up, customers demanded withdrawals and rival exchange Binance ripped up its nonbinding agreement to buy the company. Ray III, though the outgoing chief will stay on to assist with the transition.Īpproximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried's crypto trading firm, and FTX.us, the company's U.S. Bankman-Fried has also stepped down as CEO and has been succeeded by John J. last week, according to a company statement posted on Twitter. Sam Bankman-Fried's cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection in the U.S. The Journal, citing people familiar with the matter, added that BlockFi is also planning to lay off more of its workers as it braces for a possible Chapter 11 filing, though the firm stopped short of saying a majority of its assets are custodied by FTX.Ī representative from BlockFi did not immediately respond to requests for comment. The cryptocurrency lender had already halted withdrawals of customer deposits and admitted that it has "significant exposure" to the now-bankrupt crypto exchange FTX and its sister trading house, Alameda Research. On the Gemini Exchange (for chrome browser), click Copy on the Market page to share your referral link. It also has its fair share of cons, though. The platform has the perks it takes to amass such large numbers, from unique trading features to top-notch security. The decision reflects a sign of contagion outside of BlockFi, which is reportedly preparing for a potential bankruptcy filing, according to The Wall Street Journal. The Gemini Exchange holds its own in the cryptocurrency niche as it boasts over 13 million active users and 100-200 million dollars 24-hour trading volume every day. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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