Crypto Lender Genesis Files for Bankruptcy

Crypto Lender Genesis Files for Bankruptcy - Check out the story here

Crypto lender Genesis has filed for bankruptcy, marking the latest in a string of business failures in the wake of a crash in digital asset prices over the past year.

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[{"selector":"#anim-5905c03e-22ea-425b-83fa-15f453eb6dbb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Genesis, the trading and lending arm of crypto conglomerate Digital Currency Group, and two of its lending subsidiaries have filed for Chapter 11 bankruptcy protection in New York Arrow

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Genesis said its subsidiaries involved in spot and derivatives trading as well as its custody businesses

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Genesis is a dominant crypto market maker, an influential trading firm that stands at the heart of liquidity in digital asset markets.

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If Genesis were to cease its trading operations, it could worsen liquidity and see Bitcoin get even more volatile.

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