Crypto trading firm Genesis will get a $140 million equity infusion from its parent company, the Digital Currency Group, according to a note sent to a counterparty.Digital Currency Group , the parent company of crypto trading firm Genesis, is stepping in to provide a $140 million equity infusion to Genesis after it said that its derivatives business had $175 million locked up on the FTX platform.
The capital infusion will be used to strengthen Genesis's balance sheet and bolster its position in the crypto market, the firm said in a note sent to a counterparty, which was reviewed by The Block.on Thursday. It also has no ongoing lending relationships with FTX or sister firm Alameda Research, it said. This message was again reiterated in the note.
bailout
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Genesis reports losses of around $7 million after hedging against market volatilityCrypto trading and lending firm Genesis Trading reported losses of around $7 million 'across all counterparties' after it hedged and sold collateral on Tuesday ahead of anticipated market volatility in the wake of a liquidity crunch at FTX. Nice you scammers
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