Genesis prepares for bankruptcy due to lack of funding (Bloomberg)

Reported by Bloomberg, Genesis is about to join the list of collateral victims of the FTX disaster.

land of confusion

While the crypto industry has been living in recent days to the rhythm of collapses, bankruptcies and other failures of multiple players more or less dependent on the FTX platform, the giant Genesis has been engaged for 72 hours in a fundraising race.

At stake, nothing less than the pure and simple survival of the company, yet still considered a few days ago as resting firmly on unshakable foundations.

But that was before FTX rust ate away in record time at the seemingly most stainless pillars in the industry. It is thus in a climate of the end of the world on the crypto markets that Bloomberg reports the statements of Genesis: failing to convince one or more buyers, Genesis is preparing for an inevitable bankruptcy.

Quoted by Bloomberg, Genesis would however have indicated that it had no “not intending to file for bankruptcy imminently and that {the company} was working to resolve the current situation. »

A thin thread of hope in a sea of ​​bad news for the industry. If the fall of FTX will in any case remain historic, the fall of a new “systemic” player of the importance of Genesis will push the industry a little further into uncharted territory.

Update – While a glimmer of hope was still possible yesterday with the possibility that Binance acquires Genesis, he eventually gave up. The offer, however, lowered to $500 million in the evening was refused by the crypto platform. Indeed, Binance made it known that the operation was impossible due to a potential conflict of interest with the Genesis business model.

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