LONDON : U.S. crypto firm Genesis is working to preserve client assets and strengthen liquidity, it said in a letter to clients on Wednesday, adding that it would take"weeks rather than days" to form a plan.
Genesis, owned by venture capital firm Digital Currency Group , said last week it was seeking to avoid a bankruptcy filing. "We anticipate that it will take additional weeks rather than days for us to arrive at a path forward."Crypto lenders, the de facto banks of the crypto world, boomed during the pandemic, attracting retail customers with double-digit rates in return for their cryptocurrency deposits.
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