TechFlow news, according to The Wall Street Journal, cryptocurrency trading and lending firm Genesis was seeking a $1 billion emergency loan from investors ahead of its suspension of redemptions this week, citing a liquidity crunch caused by certain illiquid assets on its balance sheet.
Derar Islim, interim CEO of Genesis, said during a conference call on Wednesday that its crypto lending arm, Genesis Global Capital, has halted redemptions and new loan originations. Derar Islim stated that Genesis is exploring solutions for the lending unit, including identifying new sources of liquidity. He added that Genesis’s trading and custody businesses continue to operate normally.
Earlier, Blockworks, citing sources, reported that Changpeng Zhao is considering acquiring Genesis’s loan assets.Source link
