Genesis Trading CEO confirms 3AC exposure, parent company helps plug losses
Genesis Trading soldiers on after confirming 3AC exposure, while parent company Digital Currency Group assumes a portion of liability after losses. Digital Currency Group’s market maker and lending firm Genesis Trading has confirmed that it had investment exposure in the now-liquidated Three Arrows Capital (3AC).The insolvency and subsequent liquidation order of the embattled company sent shockwaves through the cryptocurrency space last week amid an ongoing downturn across crypto markets. A major talking point was the stake other prominent companies had in the now-defunct cryptocurrency....
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Genesis Trading is the latest firm to declare exposure to FTX and may look to its parent company for help as it did after the 3AC bankruptcy. In what it hails as an effort to be transparent, Digital Currency Group’s market maker and lending subsidiary, Genesis Trading, revealed that its derivatives business has around $175 million worth of funds locked away in an FTX trading account.Genesis shared the news in a Nov. 10 tweet thread, in which the firm clarified that the locked funds would “not impact our market-making activities.”As part of our goal in providing transparency around this....
The CEO of institutional cryptocurrency broker Genesis Global Trading, Michael Moro, has announced his resignation and that the company will lay off 20% of its staff. The decision represents additional fallout from the failure of Three Arrows Capital, a company to which Genesis had a sizable exposure. Genesis CEO To Resign As 20% Of Workforce […]
"My line is always open and I can’t wait to continue building and learning with all of you," says Ballensweig. On Wednesday, Matthew Ballensweig, managing director of cryptocurrency broker Genesis, announced via Linkedin that he was formally leaving his post after over five years of tenure. Ballensweig is also the co-head of sales and trading. As told by Ballensweig, he has been transitioning his core responsibilities to a handful of trusted colleagues who will be taking the front-line role. "I am forever thankful to both Digital Currency Group [Genesis' parent company] and Genesis for....
Genesis Digital, a leading cryptocurrency trading, lending, and custody desk, released its Q2 reports, where it confirms what it calls the “emerging role” that Ethereum and defi have in the industry. The report also confirms that institutional interest in crypto is still rising despite the crash in prices the market experienced in Q2 2021. Genesis Confirms Ethereum and Defi Market Rise Genesis, a big cryptocurrency lending and trading desk, has confirmed that emergent currencies like Ethereum and defi tokens have taken a relevant part of the market, according to its Q2 2021....
Genesis will no longer be involved in GBTC's main operations, but will still act as a liquidity provider. According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust has terminated two agreements with cryptocurrency broker Genesis. First, Genesis will no longer assist Grayscale in the distribution and marketing of the latter's shares. Second, from Oct. 3 onwards, Genesis will no longer be an authorized participant of the trust but will continue to serve as a liquidity provider for Grayscale. The two agreements previously came into effect in....