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Home»BITCOIN NEWS»Digital Currency Group (DCG) completes repayment of $700 loan to Genesis Exchange
BITCOIN NEWS

Digital Currency Group (DCG) completes repayment of $700 loan to Genesis Exchange

By Crypto FlexsJanuary 7, 20243 Mins Read
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Digital Currency Group (DCG) completes repayment of 0 loan to Genesis Exchange
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Venture capital firm Digital Currency Group (DCG) has completed a $700 million payment to subsidiary Genesis Global Capital (GGC) to settle short-term loans from the now-bankrupt cryptocurrency lending platform. This incident comes four months after Genesis filed a lawsuit against DCG and its affiliates regarding overdue loan repayment.

DCG Pays Off $1 Billion Debt Amid Crypto Headwinds

Digital Currency Group said it paid off more than $1 billion in debt last year, including paying off a $700 million loan in full to Genesis, according to a Jan. 5 statement. In response to this development, the company’s CEO, Barry Silbert, expressed much relief for X, claiming that X had faced serious obstacles in achieving this achievement.

Silverbert said:

Happy to share that @DCGco has completed full repayment of the money it borrowed from Genesis. Despite the headwinds facing the industry, we have repaid over $1 billion in debt, including approximately $700 million today. I am excited about the next chapter of the industry and DCG’s leadership role within it.

In particular, DCG’s loan repayment to Genesis is significant due to the relationship between the two companies, previous lawsuits, and GGC’s bankruptcy status.

In September 2023, Genesis took DCG to court for non-payment of four loans worth $500 million. The defunct lender also launched a separate lawsuit seeking to recover 4,550 bitcoins worth $117 million from DCG affiliate Digital Current Group International Investments (DCIG).

Following negotiations between the two parties, DCG agreed to a repayment structure with Genesis in November that would see an immediate $200 million payment. The repayment company also promised to clear all outstanding loans by April 2024, as it does now.

DCG owns shares in Genesis

In other news, the digital currency group will retain its current ownership stake in Genesis until the cryptocurrency lender’s bankruptcy proceedings are finalized. According to the court order, Digital Currency Group will be able to remain in DCG’s tax consolidation group while maintaining more than 80% of Genesis.

The settlement protects Genesis from a potential $700 million federal net operating loss carryforward (NOL). These potential tax savings are critical to Genesis’ financial position as the cryptocurrency company navigates bankruptcy proceedings.

Genesis filed for Chapter 11 bankruptcy in January 2023 due to losses from the collapse of the FTX exchange and Three Arrows Capital. The company owes more than $3.5 billion to numerous creditors, most notably the Gemini exchange.

BTC trading at $44,062 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from BBC, charts from Tradingview

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