Luno partner Genesis is reportedly warning of bankruptcy if it doesn't get new funding | Business Insider

Genesis is warning potential investors it may need to file for bankruptcy if it's unable to raise funding for its lending unit, Bloomberg reported.It has been seeking at least $1 billion in fresh capital, said the report that cited unnamed sources.

"We have no plans to file bankruptcy imminently," a Genesis representative told Bloomberg in an emailed statement."Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors." South African Luno customers who choose its"savings wallet" options – which pay regular interest on bitcoin or ether holdings – are exposed to Genesis."We recognise that some customers will be concerned about what that means for Luno,"."However, Luno has previously taken steps to ensure that customers can retain access to Savings Wallet funds in the event withdrawals from Genesis are not possible. Because of that, all Savings Wallet funds are now on the Luno platform.

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