Fun

Report: Genesis Global Trading’s Lending Unit Suspends Withdrawals and New Loan Originations

News Feed - 2022-11-17 12:11:09

Report: Genesis Global Trading’s Lending Unit Suspends Withdrawals and New Loan Originations


Following Blockfi, Liquid Global, and Salt Lending halting withdrawals, reports indicate that Genesis Global Trading’s lending unit has halted customer withdrawals. Genesis’ interim chief executive officer Derar Islim said that the company’s trading and custody units were still operational. DCG-Owned Genesis Halts Lending Unit’s Redemptions and New Loans


On Nov. 16, 2022, Coindesk reporter Nelson Wang detailed that Genesis Global Trading’s current CEO Derar Islim has explained that the company’s lending unit has paused withdrawals. The Digital Currency Group (DCG)-owned firm Genesis Global Trading’s CEO further detailed that the decision only affects the company’s lending side. Amanda Cowie, vice president of communications and marketing at DCG, told Wang the decision was difficult.


“Today Genesis Global Capital, Genesis’s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations. This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion,” Cowie is quoted as saying in the report. The DCG spokesperson added: This decision impacts the lending business at Genesis and does not affect Genesis’s trading or custody businesses. Importantly, this decision has no impact on the business operations of DCG and our other wholly-owned subsidiaries.


The community has assessed that Genesis has suffered from the collapse of Terra, Three Arrows Capital, and the FTX fallout as well. The decision to temporarily suspend specific operations from the lending unit follows Blockfi, Liquid Global, and Salt Lending halting withdrawals as well since the FTX collapse.


Similarly, a number of companies fell victim to the Terra collapse and large firms like Celsius and Voyager Digital filed for bankruptcy protection when the dust cleared following UST’s depegging event and LUNA’s fall to zero. Tags in this story Amanda Cowie, Blockfi, Celsius, DCG, difficult decision, Digital Currency Group, ftx, FTX collapse, FTX side affects, genesis, Genesis withdrawals, Genesis" lending unit, Genesis"s lending unit, halt withdrawals, Liquid Global, LUNA, New Loans, Pause withdrawals, Salt Lending, voyager, Withdrawal Pause, Withdrawals


What do you think about Genesis’ lending unit halting withdrawals? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Terra’s $2.8B Defense System — Luna Foundation Guard Audit Says Group Spent More Than 80,000 Bitcoin Defending UST Peg NEWS | 2 hours ago US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse NEWS | 3 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleValue Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days Next articleBiggest Movers: BCH Climbs to 1-Week High, DOT Declines Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

AlphaPoint’s White Label Tech Now Lets Crypto Exchanges Offer Margin Trading
Crypto software firm AlphaPoint is bringing margin trading to its client exchanges. Announced Tuesday at CoinDesk’s Invest NYC conference, the technology provider is adding su
Helen Partz9 hours agoCFTC fines Mirror Trading $1.7B for Bitcoin-related forex fraudThe CFTC has brought or resolved 10 fraud cases involving digital assets or foreign exchange since June 2023, Commissioner Kristin John
Evan Luthra Joins Soldex as Lead Investor
Evan Luthra Joins Soldex as Lead Investor sponsored Evan Luthrais a prolific angel investor having been in crypto since 2014 and early discoverer in Eaze.com (Fastest growing on-dem
Lessons from $LUIGI as $SLAP Gains 220%
Este artículo también está disponible en español. As meme coins continue to win over the public’s hearts and wallets, analysts wrestle with their irreverent, often dege
Musk Mulls AI Startup to Rival Chatgpt Maker Openai, Report
Musk Mulls AI Startup to Rival Chatgpt Maker Openai, Report Entrepreneur Elon Musk is preparing to launch a startup that will compete with Openai, the creator of Chatgpt, a media r
Over 2,300 Cardano Smart Contracts Are Waiting in Timelock, ADA Price Slides 20% Over 2 Weeks
Over 2,300 Cardano Smart Contracts Are Waiting in Timelock, ADA Price Slides 20% Over 2 Weeks Following the successful Alonzo hard fork, the Cardano network now has a large swathe
Rakesh Upadhyay6 hours agoPrice analysis 7/10: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTCThe weakness in the U.S. Dollar Index bodes well for Bitcoin and altcoins in the near term.1973 Total views2 Total sharesLis
Tezos NFT Market Hic et Nunc Returns After Founder Steps Back, Begins Transition to DAO
Tezos NFT Market Hic et Nunc Returns After Founder Steps Back, Begins Transition to DAO Last week, the popular Tezos-based non-fungible token (NFT) marketplace Hic et nunc disconti
Crypto leaders, Harris campaign officials to hold roundtable
Amaka Nwaokocha12 hours agoCrypto leaders, Harris campaign officials to hold roundtableThe roundtable hosted by Representative Ro Khanna is an opportunity for the cryptocurrency industry to influence the policy direction
Bitfarms Buys Land to Open New Mining Facility in Canada
Bitfarms Buys Land to Open New Mining Facility in Canada Bitfarms, a corporate player in the bitcoin mining world, has announced a new acquisition of land and a facility in Canada.
WonderFi expands to Australia — Blockchain Futurist Conference
Vince Quill2 hours agoWonderFi expands to Australia — Blockchain Futurist ConferenceThe crypto firm merged with Coinsmart and Coinsquare in 2023, securing $1 billion in assets under management in the same year.293 Tota
Value Locked in Defi Drops Below $200 Billion, April’s Dex Trade Volume Drops 21% Lower Than March
Value Locked in Defi Drops Below $200 Billion, April"s Dex Trade Volume Drops 21% Lower Than March While the crypto economy shed billions this week, the total value locked (TVL) in