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<p>Changpeng Zhao has highlighted how Genesis’s  collapse would impact the crypto market. The Binance head said on  Bloomberg TV that the crypto landscape would still stand strong even if  Genesis collapsed.</p><h2 id="header-0">Genesis could cause crypto’s demise</h2><p>Following the demise of a deal with Binance, Genesis mentioned that  they could run bankrupt if they don’t get a $1 billion loan. The startup  has connections to many other networks in the crypto landscape.</p><p><a href="https://crypto.news/genesis-is-near-bankrupt-hires-restructuring-adviser/" rel="noopener noreferrer nofollow">Genesis</a> is a network operating under the Digital Currency Group (DCG) umbrella,  which includes other projects like Grayscale, Coindesk, Foundry, and  Luno. The DCG umbrella has connections to hundreds of projects in the  crypto landscape. As such, there have been vast rumors in the crypto  community that if Genesis dies, it may take DCG and Grayscale down with  them.</p><p>According to reports, there are several massive projects with  exposure to Genesis, including Circle, Luno, Gemini, and possibly  Coinbase. Owing to these connections, there have been rumors that the  death of Genesis will spark <a href="https://crypto.news/genesis-intentionally-delayed-bankruptcy-declaration/" rel="noopener noreferrer nofollow">the end of most crypto networks</a> and the general crypto ecosystem.</p><h2 id="header-1">Crypto will survive Genesis’ demise</h2><p>Binance CEO Changpeng Zhao, while speaking in an <a href="https://www.youtube.com/watch?v&#61;WKdSdFF-iQ4" rel="noopener noreferrer nofollow">interview</a>,  said that the crypto market would survive even following Genesis’  demise. The CEO’s words come just a few days after Binance rejected  plans to rescue the troubled lender Genesis.</p><p>In the Bloomberg interview, CZ was asked, “Can the industry survive  if Genesis were to go bust?” CZ responded with seemingly no doubt,</p><blockquote>“The industry will survive… it will have no issues. Although, there will be pain.”</blockquote><p>CZ mentioned that Genesis has a miniature impact on the markets,  controlling only a couple of billions. Moreover, he highlighted that the  lender mostly focuses on institutional investors. He said that while  the crypto market will lose, it will surely survive.</p><p>The Binance CEO also mentioned that the decentralized markets offer  opportunities for other players to join markets when some are extinct or  even learn from the mistakes committed by their predecessors.  Therefore, many more investors would learn from Genesis’ mistakes.</p><p>Aside from CZ, other industry leaders have also chimed in on the <a href="https://www.cnbc.com/2022/11/23/dcgs-barry-silbert-writes-letter-to-investors-after-ftx-collapse.html" rel="noopener noreferrer nofollow">impact of Genesis’s demise on crypto</a>. For instance, Anastasia Kor, the CMO of Choise.com, said;</p><blockquote>“The outlook of Genesis Global Digital as a  distressed crypto company is very bad. But if it collapsed like other  top players in the industry, the combined contagion would further drag  the digital currency down. The question of whether a likely Genesis fall  will stir a comprehensive crash in the industry is at best subjective.  The companies, platforms, and investors exposed to the firm may feel the  brunt but overall, the industry may survive the crash.”</blockquote><h2 id="header-2">Crypto has survived worse</h2><p>Crypto has proven resilient over the years through the toughest  times. This year alone, the crypto market has survived the death of top  networks. Anastasia continued to mention;</p><blockquote>“This resilience can be predicted as the industry is still standing  despite the collapse of Terra Luna, Three Arrows Capital, Voyager  Digital, and FTX. A Genesis collapse will make no difference. A major  reason why the impact of a likely Genesis crash will not be felt is that  many market stakeholders have now been exercising enhanced risk  management strategies, a move that will generally help minimize the  impact of any possible exposure to the Digital Currency Group (DCG)  owned firms.”</blockquote><p><strong>Read full article <a href="" rel="noopener noreferrer nofollow">https://crypto.news/binance-ceo-discusses-genesis-collapse-impact-on-crypto-markets/</a></strong></p>

Anastasia Kor CMO at Choise.com and Binance CEO Changpeng Zhao about Genesis collapse impact on crypto markets

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