Genesis receives $140 million in capital reinforcement as market conditions worsen



Genesis receives $140 million in capital reinforcement as market conditions worsen

Genesis Trading announced on November 10 that it has received a capital reinforcement of $140 million from parent company Digital Currency Group. According to the company, the decision to supplement was taken to strengthen its balance sheet and consolidate its position as a global leader in crypto equity markets.

Genesis hopes the capital boost will put the company in a position to support its customers and growing demand for its services. Wu Blockchain shared a screenshot of the letter the company sent to its customers on Twitter.

Genesis Trading recently announced that the derivatives business has around $175 million in locked assets in its FTX account. FTX filed for bankruptcy yesterday due to its serious liquidity crisis. Still, Genesis has promised its clients that the millions of dollars locked in FTX will not affect the company’s market-making activities.

Genesis further clarified that it has no continuing credit relationships with FTX or Alameda.

After recent events, many crypto companies have decided to move away from FTX. These companies include names such as Tether, Circle, Kraken and Coinbase.



Soruce : https://tr.cointelegraph.com/news/genesis-receives-additional-equity-infusion-of-140m-following-recent-market-events

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