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Crypto Lender Genesis Seeks $1B Emergency Loan

The cryptocurrency lender, Genesis sought an emergency loan of $1 billion from investors before the platform suspended customers’ withdrawals on Wednesday, a report by The Wall Street Journal revealed. It cited a “liquidity crunch due to certain illiquid assets on its balance sheet” for the fundraising.

“There is ongoing run on deposits driven mainly by retail programs and partners of Genesis (i.e., Gemini Earn) and institutional clients testing liquidity,” a confidential fundraising d... Read More

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Crypto

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Genesis

Seeks

Emergency

Loan

Forex

Posted: Nov 18 2022, 09:24

Author Name: financemagnates

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