Digital Currency Group Pays Off Short-Term Loans to Genesis
Digital Currency Group (DCG) has announced that it has fully paid off all short-term loans owed to institutional investor crypto broker Genesis. DCG has successfully cleared over $1 billion in debt to its creditors, including nearly $700 million to Genesis, within just over a year. This milestone marks a new chapter for DCG and highlights the future growth of the industry.
Financial Troubles for Genesis
DCG, the parent company of Genesis, stepped in to address financial difficulties faced by Genesis following the collapse of FTX crypto exchange. In November 2022, DCG assumed around $1 billion of Genesis’s debt. In January 2023, Genesis filed for Chapter 11 bankruptcy protection, with approximately $3.6 billion owed to its top 50 creditors.
About the Author
MK Manoylov is a reporter for The Block since 2020 and has covered various crypto news topics. MK holds a graduate degree from New York University’s Science, Health and Environmental Reporting Program (SHERP) and has previously written for WebMD and Insider.
Hot Take: Digital Currency Group Clears Debt Obligations with Genesis
Digital Currency Group’s successful payoff of all short-term loans owed to Genesis demonstrates its commitment to financial stability and growth within the crypto industry. This achievement not only strengthens DCG’s position but also signals positive prospects for the future. With the resolution of its debt obligations, DCG can now focus on advancing its leadership role in the industry and capitalizing on emerging opportunities.
By
By
By
By