Luno’s sister company declares bankruptcy — what it means for South Africans

📆 20/01/2023 19:12:00
📰 mybroadband

⏱ Reading Time:
33 sec. here
2 min. at publisher
📊 Quality Score:
News: 16%
Publisher: 67%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Luno’s lending partner and sister company Genesis Global Capital has declared bankruptcy. What happens if Luno’s whole parent company goes under?

This is in stark contrast to Gemini, the major cryptocurrency exchange founded by Cameron and Tyler Winklevoss.

Genesis Global Capital listed the same range, $1 billion to $10 billion, for both assets and liabilities, as well as over 100,000 creditors — the top 50 unsecured claims amount to about $3.4 billion . Digital assets have shed about $2 trillion since a peak in 2021, and many crypto lenders have struggled in the selloff.

DCG, a linchpin of the crypto industry, said on 17 January that it’s suspending quarterly dividends to preserve cash.The Grayscale Bitcoin Trust, the world’s largest crypto fund, has been trading at a steep discount to the amount of cryptocurrency it holds, leading vexed shareholders to call for changes.

Write Comment

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:

Ireland Ireland Latest News, Ireland Ireland Headlines

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

Business Talk – Karen-Lee Pollak on immigration to the US for South AfricansKaren-Lee Pollak of Pollak PLLC talks about the immigration visas available to South Africans.
Source: BusinessTechSA - 🏆 24. / 61 Read more »