Jan 12 (Reuters) – U.S. crypto firm Digital Currency Group (DCG) has seen one of its businesses collapse, and the company is now in the thick of the industry meltdown. GenesisIn We have also put a stop to withdrawals from customers. November.
Genesis It It declared that it is doing all it can to avoid bankruptcy. Nonetheless, Investors are concerned about its potential failure, as well as other companies and projects that might be connected.
Here’s What We are aware of all the firms that we can help you with. Digital Currency Group owns:
COINDESK
After previously investing in the platform, DCG purchased CoinDesk in 2016. As TechCrunch had predicted, the deal had a value of between $500,000 to $650,000,000.
CoinDesk released leaked balance sheet Alameda ResearchThe Crypto trading venture was founded by Sam Bankman-FriedIn November. Many Industry The report was identified by observers as the reason for the downfall. Alameda And Bankman-Fried Two weeks after its launch, FTX, a cryptocurrency exchange, filed for bankruptcy.
GENESIS
Genesis Trading Was DCG CEO was the first to offer bitcoin trading. Barry Silbert’s DCG launched SecondMarket as a subsidiary. Now it is called SecondMarket. Silbert The Venture was established in 2015.
GenesisThe The ‘crypto lending arm Genesis Global CapitalAnnounced in November It It reported that its crypto lending arm would stop making loans to customers and prohibit them from withdrawing funds. This This was due to market disruptions caused by the FTX disaster.
Genesis Global Capital We Have collaborated with several crypto-firms, including a cryptocurrency exchange. GeminiTo offer cryptocurrency lending products. Gemini NowIt claimed that $900 owed by its customers Million Genesis.
Genesis It More than $3Billion is owed to its creditors. This includes GeminiAccording Experts will tell you that the answer is yes.
DCG owes $1.675 Million to Itself. DC
Cryptocurrency is becoming a more prominent asset class and the Digital Currency Group (DCG) is at the forefront of this trend. Founded by Barry Silbert in 2015, the company has a portfolio of more than 160 companies and has acquired 28 of them. DCG’s operations include Grayscale Investments, the world’s largest bitcoin trust, and Three Arrows Capital, a Singapore-based hedge fund for crypto-based investments.
The company also holds stakes in Coinbase, Kraken, Circle, Luno, and Foundry, as well as blockchain analytics firms Chainalysis, Dune Analytics, Elliptic, and Etherscan. In 2021, DCG announced it will invest $1 billion in bitcoins and reduce the discount for its flagship Grayscale Bitcoin Trust.
Despite the troubles in Genesis, the underlying assets of DCG and its subsidiaries were not adversely affected. The company’s success is due to the efforts of its founder Barry Silbert, who left SecondMarket in 2013 and founded Grayscale Investments shortly after.
