Cryptocurrencies Genesis freezes lending division due to ‘FTX implosion', impacts Gemini
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Venture capital firm Digital Capital Group , the parent company of Genesis, tweeted Wednesday morning that the decision was made “in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion.” DCG also owns Grayscale, whose $11 billion in bitcoin make them one of the largest holders in the world. DCG is also the parent company of CoinDesk.
Wednesday morning’s announcement provoked a quick response from crypto exchange Gemini, which is partnered with Genesis and whose clients are impacted by the lending freeze.
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