The post Genesis Lays Of 30% Staff, Parent Company DCG Closes Its Wealth Dept appeared first on Coinpedia Fintech News
The year 2022 witnessed many companies fall to dust as several firms filed for bankruptcy in the crypto space.
Days after FTX and Alameda collapsed, Genesis Global, which acquired $140 million from its parent company, the Digital Currency Group, decided to halt new loan sanctions and withdrawals. This was announced through a Twitter thread.
Our #1 priority is to serve our clients and preserve their assets. Therefore, in consultation with our professional financial advisors and counsel, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business.
— Genesis (@GenesisTrading) November 16, 2022
Also Genesis Global CEO, Derar Islim assured creditors over the call that the firm is looking for solutions and trying to find a new source of fresh liquidity.
Genesis & DGC Tumbles With Challenges
However, on Jan
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