The cryptocurrency platform Genesis on Wednesday said it will temporarily suspend repayments and new loan issuances at its lending business, the latest sign of the industry’s meltdown since the collapse of digital currency exchange FTX last week.
“We have made the difficult decision to temporarily suspend repayments and new loan installments in the lending unit. We are working diligently to shore up the liquidity needed to meet our loan clients’ obligations,” a spokesperson said. of Genesis in a statement.
The parent company of Genesis, Digital Currency Groupan investor who also owns the crypto asset manager Grayscalesaid on Twitter that the decision to suspend redemptions “was made in response to the extreme market disruption and loss of industry confidence caused by the FTX implosion.”
Today Genesis Global Capital, @GenesisTrading‘s lending business, made the difficult decision to temporarily suspend redemptions and new loan originations.
— Digital Currency Group (@DCGco) November 16, 2022
The Genesis move “has no impact on the business operations of DCG and our other subsidiaries under our control,” Digital Currency Group said on Twitter.
The Genesis Trading Derivatives Business has approximately $175 million in funds locked up on FTX, the company said.
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