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Crypto Brokerage Genesis Is Said to Warn of Bankruptcy Without Funding

  • Genesis executives spent weekend seeking to line up financing
  • Genesis lending unit suspended withdrawals after FTX collapse
Bloomberg business news
Crypto Firm Genesis Tries to Stay AfloatSource: Bloomberg
Updated on

Digital-asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail, according to people with knowledge of the matter.

Genesis has spent the past several days seeking at least $1 billion in fresh capital, said the people, who asked not to be identified because discussions are private. That included talks over a potential investment from crypto exchange Binance, they said, but funding so far has failed to materialize.