Gemini

Bitcoin

All trades must be settled by September 21, and all remaining open accounts will be closed at the end of the day on September 30. The company stated that the decision was made voluntarily and for business reasons. 
GGT is part of the Genesis conglomerate but managed to avoid bankruptcy earlier this year, which affected other Genesis-linked firms. Genesis had previously launched the world's first Bitcoin OTC trading desk in 2013 and has grown into one of the largest in the industry, managing large spot volume and serving over 1,000 institutional clients. 
“This decision was made voluntarily and for business reasons. We are working closely with regulatory authorities to coordinate an orderly discontinuation of services,” the spokesperson said. 
Indeed, <a href="https://financefeeds.com/coinbase-fills-gap-left-by-genesis-and-blockfi-collapse/">Coinbase</a> has taken a step to fill the institutional lending gap left by the troubles faced by Genesis and BlockFi. The company raised $57 million to launch its over-collateralized crypto lending platform, which enables it to receive crypto collateral from clients and provide secure loans to institutional clients, similar to prime brokerages in traditional finance. 
Earlier this week, Digital Currency Group (DCG) and its subsidiary, Genesis, reached an in-principle agreement with creditors to settle claims made during Genesis’ bankruptcy. 
The plan addresses Genesis’ outstanding debts, including roughly $630 million in unsecured loans&nbsp;<a href="https://financefeeds.com/genesis-parent-misses-630-million-payment-to-gemini/">maturing in May 2023</a>&nbsp;and an outstanding $1.1 billion under an unsecured promissory note due in 2032. 
The repayment structure involves dividing the total of $1.1 billion into two parts. The first part consists of a $328.8 million payment that will mature in two years, and the second part is a $830 million portion with a maturity of seven years. Additionally, DCG will send out four more payments adding up to $275 million to address the looming maturities. 
Nevertheless, attorneys representing Gemini, the cryptocurrency exchange run by the Winklevoss twins, raised objections to the proposed bankruptcy resolution put forth by Digital Currency Group (DCG) for its crypto lending business. 
In a court filing, Gemini argues that the proposed plan lacks sufficient detail and transparency, leaving some of the largest debtors without assurances.

Genesis to discontinue its OTC trading platform

FinanceFeeds

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