Genesis trading revealed on Nov. 10 that it will certainly obtain an additional equity mixture of $140M from its moms and dad firm, Digital Currency Team. According to the company, this choice was made to “strengthen its balance sheet” and enhance its “position as a global leader in crypto funding markets”.
Genesis said it also really hopes that the equity infusion will place its company in a setting to support its customers as well as “the expanding demand” for its solutions. This is according to a photo of a letter sent to their customers, as shared by Wu Blockchain on their Twitter account.
Genesis sent letters to clients mentioning that it had actually acquired an additional equity mixture of $140M from parent firm, Digital Currency Team. Genesis, with $175 million secured FTX, is additionally the largest lender to Three Arrows Resources Babel Money. pic.twitter.com/d77QCODdsf!.?.!— Wu Blockchain(@WuBlockchain
— )November 11, 2022 On Oct 10, Genesis trading revealed that its derivatives business had around$175 million well worth of funds locked away in an FTX trading account. FTX is encountering a”liquidity problem”as well as has just recently submitted for personal bankruptcy, Genesis assured its customers that the millions of dollars secured in FTX would not impact its market-making activities. As part of our objective in supplying transparency around this week’s market events
, the Genesis derivatives business currently has ~$ 175M in locked funds in our FTX trading account. This does not affect our market-making tasks.– Genesis(@GenesisTrading )November 10, 2022 Genesis also comforted its customers that they do
n’t have “a continuous financing connection with FTX or Alameda. “Because of current market occasions which have taken a toll on the whole cryptocurrency market, many business are distancing themselves from the FTX fallout, including Tether, Circle, Sea Serpent, and also Coinbase, that have all freely proclaimed that they are not subjected to the distressed companies. Connected: Genesis Trading exposes$175M of funds are locked in FTX In July, Genesis
Trading was among the famous borrowing companies that had direct exposure to the now-liquidated Singaporean
crypto bush fund Three Arrows Resources( 3AC ). Back then, the previous chief executive officer Michael Moro shared that the firm had managed to reduce losses after 3AC had failed to meet a margin call on funding obtained from Genesis.Title: Genesis receives added equity infusion of$ 140M adhering to current market events Sourced From: cointelegraph.com/news/genesis-receives-additional-equity-infusion-of-140m-following-recent-market-events!.?.!Published Date: Fri, 11 Nov 2022 22:00:14 +0000
