Genesis Has $2.8 Billion in Outstanding Loans, Parent Company DCG Was Lent Substantial Amounts #Usa #Miami #Nyc #Uk #Es #BitCoin MORE TTC👉

Tip Top Coin website is a website open to the public in all its meanings and interpretations, Tip Top Coin is a website dedicated to anyone who wants to be well-informed about the world of cryptocurrencies and everything about their growth, evaluation, and devaluation in real time by verified sources. If you are interested in publishing your views, news, business, or endeavors and want to have a forum dedicated to you, we invite you to register and post in Tip Top Coin. Don't worry, it's 100% free, 89% without commercial ads (ONLY YOUTUBE ADS CAN BE NOTICED) Tip Top Coin is a website dedicated to information and not selling commercial ads, we do not span your email, nor do we sell your information. Tip Top Coin is a website that works privately thanks to WEBFI NET servers | HOME | TipTopCoin News | TipTopCoin TV | Register | Privacy | Contact | Login | WEBFI |NEWS | MAGAZINE |TECH | LATINO | Twitter |

Barry Silbert. Source: a video screenshot.

Troubled crypto trading and lending firm Genesis Global has lent out some $2.8bn to various crypto firms, including large loans to its parent company, Barry Silbert’s Digital Currency Group (DCG).

The outstanding loans on Genesis’ balance sheet also consisted of intercompany loans, such as one from lending subsidiary Genesis Global Capital to the crypto brokerage Genesis Global Trading. The latter subsidiary is a key player in the crypto industry, acting as an important counterpart for many of the largest crypto firms.

The news was reported by Bloomberg on Tuesday, with the article citing people “familiar with the matter.”

The report also cited a letter by Digital Currency Group CEO Barry Silbert to shareholders, where Silbert revealed that DCG owes $575m to Genesis, with payment due in May of 2023.

The letter further described a so-called promissory note owed by Genesis to DCG worth $1.1bn, which will come due in June 2032. The loan was reportedly set up when DCG assumed some of Genesis’ liabilities following the collapse of crypto hedge fund Three Arrows Capital in early July this year.

Media reports at the time indicated that Genesis had exposure to Three Arrows Capital and the troubled crypto lender Babel Finance worth “hundreds of millions” of dollars.

Genesis Global Capital suspended redemptions for clients on November 16, sending shockwaves through the industry and markets.

Silbert: “We will come out stronger”

Besides the above-mentioned loans, DCG’s only debt is a $350 million credit facility “from a small group of lenders led by [venture capital firm] Eldridge,” Silbert’s letter said.

“Let me be crystal clear: DCG will continue to be a leading builder of the industry and we are committed to our long-term mission of accelerating the development of a better financial system,” the letter noted.

“We have weathered previous crypto winters and while this one may feel more severe, collectively we will come out of it stronger,” Silbert’s letter added, while also pointing out that DCG is on track to post a respectable $800m in revenue this year.

Digital Currency Group is a major crypto conglomerate with investments in dozens of crypto-related companies, including well-known firms such as Chainalysis, bitFlyer, BitPay, Blockstream, Ledger, Ripple, Coinbase, eToro and Kraken, to name just a few.

Source link

Name Price24H (%)
Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Binance USD (BUSD)
Dogecoin (DOGE)
Cardano (ADA)
Polygon (MATIC)
Polkadot (DOT)
Litecoin (LTC)
Lido Staked Ether (STETH)
Shiba Inu (SHIB)
Dai (DAI)
Solana (SOL)
Uniswap (UNI)
Avalanche (AVAX)
Wrapped Bitcoin (WBTC)
LEO Token (LEO)
Cosmos Hub (ATOM)
Ethereum Classic (ETC)
The Open Network (TON)
Monero (XMR)
Stellar (XLM)
Bitcoin Cash (BCH)
Algorand (ALGO)
Quant (QNT)
Cronos (CRO)
Filecoin (FIL)
VeChain (VET)
NEAR Protocol (NEAR)
Hedera (HBAR)
Frax (FRAX)
Flow (FLOW)
ApeCoin (APE)
Internet Computer (ICP)
MultiversX (Elrond) (EGLD)
Terra Luna Classic (LUNC)
Chiliz (CHZ)
Chain (XCN)
Trust Wallet (TWT)
Pax Dollar (USDP)
Tezos (XTZ)
Theta Network (THETA)
Lido DAO (LDO)

Add a Comment

error: WEBFINET website Protection and Privacy for Publishers. This content may not be opened or copied.