Luno's sister company Genesis files for bankruptcy as crypto crisis spreads | Business

Redemptions and loan originations at the company remain suspended and claims will be handled in bankruptcy court, according to the statement.

In January, Genesis laid off roughly 30% of its staff in the latest round of job cuts. Interim Chief Derar Islim earlier sent a letter to clients saying it needed “additional time” to come up with a solution for a liquidity crunch at the lending unit. Digital-asset prices weakened a little as crypto markets absorbed the the developments. Bitcoin was little changed at $21,000 as of 2:07 p.m. in Tokyo after earlier advancing as much as 1.3%. The token is up 28% for 2023 so far, paring some of last year’s deep rout.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy.

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