Crypto Lender Genesis Owes Crypto Exchange Gemini Clients $900M, FT Report

2022-12-5 16:09

Crypto lender Genesis owes US-based crypto exchange Gemini customers $900 million, according to a December 3 Financial Times report.

The report revealed that Gemini had formed a creditor committee to determine whether it would recover the funds from Genesis.

Genesis is a significant partner in Gemini’s Earn program. This program allowed retail investors to lend their crypto assets for an 8% interest.

How Genesis Got Into its Liquidity Crunch

Genesis is a subsidiary of Digital Currency Group (DCG) -a crypto conglomerate that includes Grayscale and Coindesk.

Due to the FTX implosion, Genesis was unable to meet redemption requests. This forced the crypto lender to halt withdrawals for its customers.

DCG published an investor letter that shows it owes $2 billion -most of the debt is to Genesis. Grayscale, its sister company, has faced increased fear from the crypto community as they speculate how this could affect the investment firm and its major product, Grayscale Bitcoin Trust (GBTC).

Reports revealed that Genesis and DCG tried to raise funds and have hired investment banking firm Moelis & Co to help explore options.

Gemini Launches Center to Rebuild Trust

Gemini has launched a Trust Center to rebuild trust in the crypto exchange.

1/ We are pleased to announce the launch of the @Gemini Trust Center, a dashboard of metrics for the funds we hold on the Gemini platform and on your behalf, as well as other important data and information.

Learn more: https://t.co/EXaIDyezZt

— Gemini (@Gemini) November 29, 2022

According to a November 29 tweet, the Trust Center is a metrics dashboard for the funds it holds on its platform.

Gemini said its Trust Center included information on its licenses and registrations, corporate governance information, etc. The firm also stated that all its customer funds are held at a 1:1 and available for withdrawal anytime.

Also, Gemini claims it holds its users’ cryptocurrencies in accounts that are segregated from its assets. It added that it does not do anything with users’ assets unless they explicitly authorize such usage.

Meanwhile, BeInCrypto reported that CryptoQuant founder Ki Young Ju said the exchange experienced a surge in Ethereum withdrawals on November 16.

The post Crypto Lender Genesis Owes Crypto Exchange Gemini Clients $900M, FT Report appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto gemini exchange owes lender genesis report

Источник: beincrypto.com

crypto gemini → Результатов: 126


Фото:

Gemini And Bittrex Add Bitcoin Cash (BCH) Fiat Support Amid Bitmain Pump

Bittrex And Gemini To Both Add BCH/USD Trading Pairs Bitcoin Cash (BCH), the controversial Bitcoin fork, has been seeing its time in the public spotlight over the past few days, with a series of news and developments pushing the price of this crypto asset sky-high, or ‘to the moon’ as some optimistic traders would like […] The post Gemini And Bittrex Add Bitcoin Cash (BCH) Fiat Support Amid Bitmain Pump appeared first on Ethereum World News.

2018-9-28 06:41


Фото:

Cryptocurrency Exchange Gemini Eyes Move to United Kingdom

Tyler and Cameron Winklevoss are considering moving their New York-based cryptocurrency exchange Gemini to the U. K, reported Forbes on September 24, 2018.   Winklevoss Crypto Push While Bitcoin and the outlying constellation of cryptocurrencies have experienced a turbulent 2018, the Winklevoss twins, of Facebook fame, are maintaining a positive outlook on the future of cryptocurrencies.

2018-9-25 13:00


Фото:

Bitcoin’s Security Woes Could Mint Money for Top Crypto Entities

The lack of reputable custody solutions has kept large investors away from the cryptocurrency market. Custody offers security that the volatile crypto market is unable to provide to investors. Two of the most prominent US exchanges, Coinbase and Gemini, have already announced their custodial services to help institutional investors jump into the crypto space.

2018-9-17 16:19


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Nomura partners with GMO to explore stablecoin issuance in Japan

Nomura Holdings and Laser Digital have partnered with GMO Internet Group on a new stablecoin-focused project. The companies will collaborate in the issuance, redemption and circulation of Japanese yen and US dollar-pegged stablecoins in Japan Nomura Holdings, the Japanese banking and investment giant, is teaming up with GMO Internet Group to explore the issuance of […] The post Nomura partners with GMO to explore stablecoin issuance in Japan appeared first on CoinJournal.

Solana drops as FTX sells $2.6 billion at 38% discount

Solana prices drop 4% after FTX sells $2.6 billion worth of tokens at a 38% discount to Figure Markets and Pantera Capital. The post Solana drops as FTX sells $2.6 billion at 38% discount appeared first on Crypto Briefing.