The lending unit of crypto firm Genesis filed for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi
on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. The company is owned by venture capital firm Digital Currency Group .
Genesis Global Holdco said in a statement that it would contemplate a potential sale or a equitization transaction to pay creditors, and that it had $150 million in cash to support the restructuring. Genesis was already locked in a dispute with Gemini Trust Co, founded by the identical twin cryptocurrency pioneers Cameron and Tyler Winklevoss, former U.S. Olympic rowers. The two firms are fighting over a crypto lending product called Earn that they jointly offered.
Last year, Genesis extended $130.6 billion in crypto loans and traded $116.5 billion in assets, according to its website.
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