Genesis Gets Extra $140M In Capital After Locking $175M On FTX
Genesis informed customers that they received an additional $140 million from parent company DCG after announcing their $175 million was locked on FTX. This additional funding will further strengthen their position and address the needs of their clients.
In a recent Genesis announcement, parent company Digital Currency Group is pouring $140 million worth of equity into the company to address liquidity issues during tough market times.
“While the operation of our lending and trading businesses has not been involved by recent market events, Genesis has taken steps to strengthen its balance sheet with an additional equity infusion of $140M from our parent company, Digital Currency Group,”
It is known that Genesis also announced that during the liquidity crisis of FTX, they also suffered losses when up to $175 million was locked on FTX. This additional capital will strengthen their position in the market and help the company to meet customer needs.
“This additional capital will bolster our position as a global leader in crypto capital markets and allow us to support our clients and the growing demand for our services,”
As updated in an earlier Coincu News article, on November 11, FTX filed for Chapter 11 bankruptcy in a US court. About 130 other affiliated companies (collectively, the “FTX Group”) have entered the Delaware area under Chapter II of the U.S. Bankruptcy Code.
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