The lending arm of crypto broker Genesis Global Trading says it has suspended its redemptions and new loan originations following the collapse of crypto market FTX.
"Our #1 priority is to serve our clients and preserve their assets. Therefore, in consultation with our professional financial advisers and counsel, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business," Genesis Trading declared.
The company says it is now working with advisers to "explore all possible options" and will deliver a plan for its lending business next week. Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on"Bloomberg Wealth" with David Rubenstein in New York, Aug. 17, 2022.
"We would like to emphasize that Genesis Global Trading, our broker/dealer that holds our BitLicense, is independently capitalized and operated – and separate from all other Genesis entities," it tweeted, adding that "We’re working tirelessly to identify the best solutions for theAs of Q3 2022, Genesis says it has $2.8 billion in total active loans.
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