According to industry reports, cryptocurrency exchange Genesis will get a $140 million equity injection from parent business Digital Currency Group.
Why FTX Filed For Bankruptcy Protection Last Week?
According to a Bloomberg article, this equity is being deployed after Genesis stated its derivatives division has $175m locked in an FTX trading account. FTX filed for bankruptcy protection last week.
It informed clients about an email from Genesis. According to the report, the email stated that “While the operation of our lending and trading businesses has not been affected by recent market events, Genesis has taken steps to strengthen its balance sheet with an additional equity infusion of $140 million from our parent company, Digital Currency Group.”
With this funding, we can better serve our customers and keep up with the growing demand for our services, cementing our position as the world’s leader in the cryptocurrency capital markets.
With this funding, we can better serve our customers and keep up with the growing demand for our services, cementing our position as the world’s leader in the cryptocurrency capital markets.
TRM Labs, a blockchain intelligence company that detects crypto-related fraud and financial crime raised $70 million for its Series B fundraising round. The firm offers blockchain information to aid government agencies, financial institutions, and cryptocurrency firms in detecting, investigating, and mitigating crypto-related fraud and financial crime.
Conclusion
As a cryptocurrency exchange, Genesis will get a $140 million equity injection from parent business Digital Currency Group.
