According to the Wall Street Journal, cryptocurrency company Genesis is still trying to raise cash. Genesis approached crypto exchange Binance to invest and bid on its loan book, according to people familiar with the matter.
Binance decided not to invest due to concerns that some of Genesis’ business activities could create a future conflict of interest.
“The company has no immediate plans to file for bankruptcy and its goal is to resolve the current situation in a consensual manner without requiring any bankruptcy filing. The company continues to engage in constructive dialogue with its creditors.”
A Genesis spokesperson said
In earlier news, Genesis had warned potential investors that they could file for bankruptcy if they were unable to raise capital. And Genesis’ funding goal was halved from $1 billion to $500 million.
Genesis suffered hundreds of millions of dollars in losses during the market crash in May of this year and also reported a direct exposure of $175 million in losses on FTX last week.
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
Polkadot's recent financial disclosures represent an extremely uncommon and fascinating glimpse into the reaches that…
Nate Geraci predicts the spot Ethereum ETF launch could be the week of July 15,…
ETFSwap (ETFS) gains more hype than Binance Coin (BNB) and Tron (TRX) as it prepares…
The responsibilities of Paxos Singapore executive director will include overseeing new business opportunities and partnerships.
Robinhood crypto futures is planned for launch in the US and Europe, using licenses from…
Champaign, Illinois, United States, 2nd July 2024, Chainwire
This website uses cookies.
