Digital Currency Group said on Friday that it had repaid all of its short-term loans to institutional cryptocurrency broker Genesis.
DCG is pleased to announce that it has completed repayment of all of Genesis’ short-term loans. wrote. “DCG has repaid more than $1 billion in debt to creditors in just one year, including nearly $700 million to Genesis, and has satisfied all currently due debt. With this milestone behind us, we look forward to the next “He will lead the future growth of DCG and our industry.”
“We are excited to share DCG with you. “Despite the headwinds facing the industry, we are excited about the next chapter of the industry and DCG’s leadership role within it,” Barry Silbert, founder and CEO of DCG, told X.
financial problems
DCG is the parent company of Genesis, which suffered financial difficulties following the collapse of Sam Bankman-Fried’s cryptocurrency exchange FTX. In November 2022, DCG assumed approximately $1 billion of Genesis’ debt.
Genesis filed for Chapter 11 bankruptcy protection in January 2023. The Block previously reported that the company owes about $3.6 billion to its top 50 creditors.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.