Trading firm Genesis to get $140 million equity infusion from parent company DCG

  • 📰 TheBlock__
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Crypto trading firm Genesis will get a $140 million equity infusion from DCG. Its derivatives business currently has $175 million frozen on the FTX platform.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

bailout

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 464. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: TheBlock__ - 🏆 464. / 53 Read more »