As reported by Blockworks, sources revealed that Binance CEO Changpeng Zhao intends to buy back Genesis loans. The Binance CEO has begun gathering more information about Genesis’ balance sheet health as he considers purchasing Genesis loans, a person familiar with the matter said.
As of the end of Q3 2022, Genesis Global Capital’s total loans were $2.8 billion. Another person familiar with the matter pointed out that any approach could be rejected by DCG, Genesis’ parent company, and that Changpeng Zhao could need to invest more than $2 billion.
As updated in a previous Coincu News article, Genesis Global Trading Interim CEO Derar Islim said on a creditors conference call today that Genesis Global Capital, the money lender its electronics, suspended customer acquisitions and issued new loans. Genesis is looking for solutions for the lending sector, including finding new sources of liquidity.
According to an unconfirmed source, Genesis may have solvency issues. The cause was determined to be due to very large exposure to FTX and Alameda Research. Information also revealed that things will be clearer today.
To bolster trust with customers amid the crisis, CZ later stated that Binance’s Monetization product does not rely on Genesis or any other third party.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
CoinCu News
So, you’re on the lookout for the next big thing in crypto? Aren’t we all?…
Miami, Florida, 13th November 2024, Chainwire
Robinhood Crypto has expanded its U.S. platform with the addition of Solana, Pepe, Cardano, and…
If you’ve been following the crypto space, you already know that Chainlink (LINK) has been…
BlackRock BUIDL funds have been expanded to Arbitrum, Aptos, Avalanche, Optimism, and Polygon.
Tokyo-based Metaplanet Bitcoin holdings grew by $28 million, doubling to 1,018.17 BTC since late September.
This website uses cookies.