Genesis' trading arm is set to go up for sale pending court approval as the crypto lending firm looks for a quick resolution to its bankruptcy.
Genesis Global has announced it has reached an"agreement in principle" with Digital Currency Group which will eventually see its crypto lending and trading arm sold as part of restructuring efforts., DCG would contribute its equity in Genesis Global Trading, a trading subsidiary business, to Genesis Global Holdco, the holding entity for Genesis — bringing all Genesis-related entities under the same holding company.
After the transactions are final — pending necessary court approval — Genesis will seek to put its then-owned Genesis Global Trading entity up for sale. Crypto exchange Gemini also agreed to contribute $100 million for its Gemini Earn users who have funds frozen with the bankrupt firm.proceedings stemming from a liquidity crisis in November 2022, brought on by the bankruptcy of crypto exchange FTX.
Genesis Global Trading was not included in the company's Chapter 11 filing at the time saying the business would"continue client trading operations."to it's creditor disputes and were optimistic the company would come out of Chapter 11 proceedings by late May.
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