FundedByMe has recently launched a Bitcoin pilot program with the aim of checking investors’ interest of paying via the digital currency and generating funds for the Bitcoin trading platform Safello.
With the approved plan to distribute $3 billion to customers, Gemini is poised to commence fund distributions to those affected by the Genesis liquidity crisis in 2022 through its Earn program.
Digital Currency Group repaid more than $1 billion in debt during Q4 2023 as the litigation between DCG’s Genesis and the Gemini crypto exchange continues.
The bankrupt crypto lender Genesis announced that it would cease all of its crypto operations for spot and derivatives trading, for institutional players as well.
The DCG filing notes that Silbert and the company “played an insignificant role in the Gemini Earn program”, and Gemini’s allegations of fraudulent behavior don’t hold merit.
The Digital Currency Group has hinted that they could be making creditor payments for Genesis Global soon and plan to resolve all the claims.
TradeBlock will officially begin the process of shutting down on May 31.
According to Kevin Worth the Chief Executive Officer of CoinDesk, the media firm has been getting a lot of offers with no decisions made yet.
In the lawsuit, FTX said that Grayscale has been charging exorbitant management fees. They noted that “Grayscale’s actions have resulted in the Trusts’ shares trading at approximately a 50% discount to Net Asset Value”.
Luno will be discarding 330 people out of about 960 employees.
Grayscale is now neck deep with the lawsuit and there are many assumptions from members of the public with respect to the potential bottlenecks that the lawsuit might present.
Cameron also blamed Silbert for the entire financial headwinds, saying that DCG owed Genesis $1.675 billion, and it is the money that Genesis owes Gemini clients.
Houlihan Lokey, an investment and financial services firm, has presented the liquidity resolution plan to Genesis on behalf of the creditor committee.
DCG chief Barry Silbert assured investors that the situation at hand is manageable and that they would come out ‘stronger’ from the current liquidity crisis at Gensis Global.
Grayscale is confident more investors will embrace the product if it is presented as a spot Bitcoin ETF.
The partnership was announced by RAILGUN Privacy DAO on January 27th through CoinDesk.