As the fallout from the FTX implosion continues to unfold across the pond, DCG Group is also said to be dealing with liquidity issues and has halted repayments “until liquidity issues have been resolved.” The DCG Group, a “strategic investor” that leverages its connections to turn a profit on the market for its clients, also...Read More
The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million. Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion...Read More
For several companies in the crypto sector, 2022 marked the end of the line. A few seemingly vanished overnight. But Genesis’ creditors are making desperate calls to save the crypto brokerage from sinking into bankruptcy. According to a Bloomberg report, the creditors of the embattled firm hired restructuring lawyers and are exploring ways to avoid...Read More
Crypto exchange CoinList said it is not near bankruptcy as it addressed the ongoing FUD. It added that it is not insolvent or illiquid and is just experiencing technical issues affecting deposits and withdrawals. The platform dismissed the rumors on Twitter after users reported difficulties with fund withdrawals for over a week and said the...Read More
Digital Currency Group’s subsidiary and crypto mining firm Foundry Digital plans to acquire two turnkey crypto mining facilities in the United States from the embattled Bitcoin miner Compute North. In the latest press release, Foundry also said it would also acquire other assets in addition to an option to buy a third facility that is...Read More
Digital Currency Group (DCG) CEO Barry Silbert recently shared a letter with investors illuminating the cryptocurrency conglomerate’s web of external and intercompany loans. Among them is a newly disclosed liability of $575 million to its lending subsidiary Genesis, due by May of 2023. What’s Going On With DCG? As reported by the Wall Street Journal...Read More
Crypto exchange Gemini revealed working closely with Genesis Trading and its parent company Digital Currency Group, Inc, to find a solution for Earn users to redeem their funds. In a series of tweets, the Winklevoss-led platform noted that it is working to provide a material informational update soon. “This remains our highest priority and we...Read More
Crypto lending firm – Genesis – reportedly sought an emergency loan of $1 billion from investors before notifying its clients of suspending redemptions this week. According to The Wall Street Journal, the confidential fundraising document stated that the company needed access to the credit facility by 10 a.m. Monday, specifying a “liquidity crunch due to...Read More
New Year’s Eve Party is a glitzy affair in NYC, as with most parts of the world. The celebration in Times Square, for one, generally accommodates around 58,000 people in viewing areas. However, due to the pandemic, the figures will be scaled down among other prohibitions. But visitors can also enjoy New Year’s Eve ball...Read More
Digital Currency Group (DCG) is moving to Connecticut, and with this relocation, the company aims to generate over 300 jobs over the next five years. Barry Silbert cited the proximity to major metropolitan areas, infrastructure, talent, business-friendly environment, and facilities as the reasons behind the move. Cryptocurrency behemoth Digital Currency Group (DCG) announced relocating to...Read More
Grayscale’s parent company has announced that it has increased its credit facility by $600 million through a debt capital raise. The company plans to utilize the funds in order to enhance its investments in its wholly-owned subsidiaries. Digital Currency Group (DCG) announced the news earlier on November 18th, indicating that Elbridge served as administrative agent...Read More
