Digital-asset brokerage Genesis is looking to raise funds for its lending unit, having warned that it may have to file for bankruptcy if it fails secure additional financial backing, according to a report by Bloomberg.
Digital-asset brokerage Genesis is looking to raise funds for its lending unit, having warned that it may have to file for bankruptcy if it fails secure additional financial backing, according to a report by Bloomberg.
The report cites unnamed sources as saying that the company has spent several days seeking at least $1 billion in fresh finance, including holding talks over a potential investment from crypto exchange Binance. An agreement has yet to be reached.
Genesis’ current funding issues stem from the sudden collapse of Sam Bankman-Fried’s FTX, with the company halting redemptions on 10 November after revealing that it had $175 million stick in a trading account with the crypto exchange.
Genesis has also reportedly reached out to Apollo Global Management suggesting a sale of parts of its loan book but sources say a deal is unlikely at this stage.
