DCG owes Genesis and Gemini $639 million by next week.
Gemini Earn – the Winklevoss-owned crypto exchange’s digital asset lending arm – announced on Sunday that it had agreed with Barry Silbert’s Digital Currency Group (DCG) on a mediation process to bring their bankruptcy dispute to a close.
The company said that it expects an order from Bankruptcy Judge Lane directing the mediation to arrive as early as Monday.
Gemini’s Final Resolution
According to Gemini, should DCG fail to repay its debt by that time, the crypto industry giant risks “defaulting on its obligations.”
“The mediation will be narrowly focused on DCG’s economic contribution to the bankruptcy estate for the benefit of all creditors, including Earn users, and is designed to bring resolution to the Genesis bankruptcy plan,” stated Gemini.
While the agreement is scheduled for 30 days, Gemini said both parties are expected to “work expeditiously towards agreement in the immediate window.”
“We have also expressed our frustration on the record before Judge Lane on the pace of progress among the parties and the need for urgency,” the company continued. “The next status conference with the Court will be on May 4th.”