• September 21, 2023

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Genesis Trading Wants to Raise $1B in Emergency Funding

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OTC platform Genesis Trading requested last week access to a $1 billion credit line due to a lack of liquidity.

According to The Wall Street Journal, the request was submitted before the suspension of crypto lending operations after the collapse of FTX.

The firm has failed to raise funding. According to the document:

‚ÄúDeposits continue to be withdrawn primarily from Genesis retail programs and partners (such as Gemini Earn), as well as institutional clients.”

In July, it became known hedge fund Three Arrows Capital owed $2.36 billion to Genesis Trading. The latter was supported by its parent company, Digital Currency Group, which assumed certain obligations.

Genesis Trading CEO Mike Moreau left in August the company after seven years, including six as CEO.