Genesis Interim CEO Derar Islim told customers on a call that Genesis is exploring solutions for the lending unit, including finding a source of fresh liquidity. He said Genesis intends to detail its plan to clients next week. Genesis Global Capital serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022, according to the company’s website. Genesis owner Digital Currency Group (DCG) is also the parent company of CoinDesk.
"Today Genesis Global Capital, Genesis's lending business, made the difficult decision to temporarily suspend redemptions and new loan originations. This decision was made in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion," said Amanda Cowie, vice president of communications and marketing at DCG.
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