Digital Currency Group ( DCG), Genesis‘of 3 billionHe plans to sell the assets in his venture portfolio due to his dollar debt.
Crypto trading platform Genesis is looking for ways to survive with a $3 billion debt load. The resounding speculation of recent times has put Genesis’s business in a difficult position. Crypto exchange Gemini had begun to take an aggressive stance due to its holdings in Genesis. Unable to cope with this debt burden, Genesis is trying to be kept afloat by its parent company DCG. DCG plans to sell assets in its portfolio of ventures to pay off Genesis’ debts.
DCG Sees Ways to Pay off Genesis’ $3 Billion Debt
Going through tough times with the FTX collapse in November Genesis, 3 billion faced a dollar debt burden. crypto media outlet CoinDeskand investment manager grayscaleowner of DCG, crypto trading platform Genesisrolled up his sleeves. Genesis‘s parent company DCG, 3 billiontrying to deal with the dollar debt burden.
DCGsubsidiary of Genesis was one of the largest lenders in the crypto market. However, this debt burden revealed the company’s problems that were carried to legal dimensions.
Financial TimesAccording to a report by DCGA new move has come from. DCGplans to sell the assets in its portfolio to meet its debt obligations.