Genesis Global Capital, the lending arm of crypto investment bank Genesis Global Trading, has halted withdrawals and new loans, according to a CoinDesk report. This is the latest fallout from the collapse of the FTX cryptocurrency exchange. While Genesis Capital’s direct clients are institutions and high net worth individuals, it has a knock-on effect, and retail-focused Gemini Earn has been paused.
Last week Genesis Trading acknowledged that it had $175 million in capital locked at FTX and received a $140 million bailout from parent company Digital Currency Group (DCG).
Today’s statement claims that Genesis Global Capital is a separate legal entity to broker/dealer Genesis Trading which continues to operate.
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