Crypto trading firm Genesis will get a $140 million equity infusion from its parent company, the Digital Currency Group, according to a note sent to a counterparty.Digital Currency Group , the parent company of crypto trading firm Genesis, is stepping in to provide a $140 million equity infusion to Genesis after it said that its derivatives business had $175 million locked up on the FTX platform.
The capital infusion will be used to strengthen Genesis's balance sheet and bolster its position in the crypto market, the firm said in a note sent to a counterparty, which was reviewed by The Block.on Thursday. It also has no ongoing lending relationships with FTX or sister firm Alameda Research, it said. This message was again reiterated in the note.
bailout
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Genesis Trading says derivatives arm has $175 million locked up in FTX accountGenesis Trading revealed late Thursday that its derivatives business has exposure to FTX amid the crypto exchange's ongoing collapse. What they really mean: lost in FTX BarrySilbert you've been quiet for a while , are you preparing yourself to be the next SBF?
Source: TheBlock__ - 🏆 464. / 53 Read more »
Genesis Trading reveals $175M of funds are locked in FTXGenesis Trading has insisted that they have no ongoing relationship with FTX or Alameda Research, and has claimed the funds locked away in an FTX trading account would not prevent its trading franchise from fully functioning. Pentosh1 did you fake me? really?
Source: Cointelegraph - 🏆 562. / 51 Read more »
Crypto broker Genesis discloses locked funds on FTXU.S. cryptocurrency broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday in a Twitter post.
Source: Reuters - 🏆 2. / 97 Read more »
Genesis reports losses of around $7 million after hedging against market volatilityCrypto trading and lending firm Genesis Trading reported losses of around $7 million 'across all counterparties' after it hedged and sold collateral on Tuesday ahead of anticipated market volatility in the wake of a liquidity crunch at FTX. Nice you scammers
Source: TheBlock__ - 🏆 464. / 53 Read more »