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Grayscale Speaks Out Unaffected By Genesis

Following Genesis Global Capital’s withdrawal freeze, Grayscale stated that its products are functioning business as usual and that recent events have not had an influence on operations.

Grayscale Speaks Out Unaffected By Genesis 2

Genesis Global Trading is an affiliate of Grayscale. But the company insisted that it is neither a counterparty nor a service provider for any of its goods.

The business talked about its Bitcoin Trust, GBTC, which it said is still backed by secure underlying assets that are kept by their custodian Coinbase in segregated wallets in extremely cold storage.

In addition, the company stated that it does not borrow, lend, rehypothecate, or otherwise encumber the products’ underlying assets, and the assets’ custodian is not permitted to do so.

The consequences of Genesis stem from FTX, the exchange that is collapsing after filing for Chapter 11 bankruptcy protection last Friday.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.