• Digital Currency Group’s (DCG) Genesis Global Trading has become involved in a dispute with Gemini, its partner in a crypto lending product.
• DCG is reportedly looking to sell some of its venture-capital portfolio, worth around $500 million, to help pay off the creditors of its troubled crypto lender Genesis, who owe over $3 billion.
• Lumida CEO and co-founder Ram Ahluwalia has weighed in on the tensions between DCG and Gemini.
Digital Currency Group (DCG)’s subsidiary, Genesis Global Trading, is currently involved in a dispute with Gemini, its partner in a crypto lending product. The disagreement has led Gemini to terminate a key aspect of their relationship. The situation has become even more complicated as DCG is now reportedly looking to sell some of its venture-capital portfolio, worth around $500 million, to help pay off the creditors of its troubled crypto lender Genesis, who owe over $3 billion.
The Financial Times has reported that Genesis’ creditors are owed over $3 billion, prompting DCG to look for ways to pay the debt. As a result, the company is considering offloading some of its venture capital portfolio, which is estimated to be worth around $500 million. It is unclear what the exact details of the arrangement would be or who would be willing to purchase the assets.
Lumida CEO and co-founder Ram Ahluwalia has weighed in on the escalating tensions between DCG and Gemini. He believes that the situation is not a good one for either side, but that the dispute could be resolved through a compromise. He also noted that the situation could have a negative impact on the entire crypto industry if left unresolved.
The dispute between DCG and Gemini has caused a great deal of uncertainty in the crypto world. While it is unclear what the outcome of the dispute will be, it is certain that it will have a lasting impact on the industry as a whole. The events have also raised questions about the reliability of the crypto lending industry, as well as the trustworthiness of DCG and its subsidiary, Genesis.
It is likely that the dispute will be resolved in the near future, as both parties continue to search for a solution. In the meantime, investors should take extra caution when considering any investment in the crypto industry, as the events of the past few days have shown that the industry is still subject to various risks.