Genesis has not intentions to file for bankruptcy

genesis-crypto-bankruptcy

On Monday, Cryptocurrency lender Genesis revealed that it has no quick plans to file for bankruptcy. A few days after the collapse of the crypto exchange FTX, the lender had to suspend customer withdrawals. The lender has spent the last couple of days looking for at least $1 billion in new capital, which has now sliced its target to $500 million. This also involved discussions regarding a possible investment from the cryptocurrency exchange Binance. Last week, there were reports that Binance CEO CZ was looking to acquire Genesis’ loan book.

According to the report from WSJ, Binance chose not to invest as it was concerned that some of Genesis’s business might produce a conflict of interest down the road. The lender also approached Apollo Global Management, a private equity company.

You may find this useful: Binance US looks to acquire Voyager Digital

Regardless, the crypto lender remarked that it has no quick plans to declare bankruptcy, despite the fact that the failure of FTX forced it to suspend client redemptions.

The company said that it has no plans to file for bankruptcy imminently and expressed that its goal is to fix the current situation consensually without the necessity for any bankruptcy filing. The spokesman from Genesis also emphasized that the company continues to have constructive conversations with creditors.

Surely, the big firms have been affected by the downfall of the FTX platform and will be important to follow these reports closely as it has direct affect on the crypto market.


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