Digital Currency Group (DCG) plans to sell assets in its venture portfolio due to Genesis’ $3 billion in debt.
Crypto trading platform Genesis is looking for ways to survive with a $3 billion debt load. The resounding speculation of recent times has put Genesis’s business in a difficult position. Crypto exchange Gemini had begun to take an aggressive stance due to its holdings in Genesis. Unable to cope with this debt burden, Genesis is trying to be kept afloat by its parent company DCG. DCG plans to sell assets in its portfolio of ventures to pay off Genesis’ debts.
DCG Sees Ways to Pay off Genesis’ $3 Billion Debt
Entering difficult processes with the FTX collapse in November, Genesis faced a debt burden of $ 3 billion. DCG, owner of crypto media outlet CoinDesk and investment manager Grayscale, has rolled up its sleeves for crypto trading platform Genesis. Genesis’ parent company, DCG, is trying to settle its $3 billion debt burden.
Genesis, a subsidiary of DCG, was one of the largest lenders in the crypto market. However, this debt burden revealed the company’s problems that were carried to legal dimensions.
According to the report by the Financial Times, a new move came from DCG. DCG plans to sell the assets in its portfolio to meet its debt obligations.
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