Crypto Lending Teeters on Brink of Extinction After Genesis Collapse
- Lenders have been at the heart of digital-asset distress
- Sector must adapt if it wants to survive, say experts
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The bankruptcy of crypto’s marquee lender, Genesis Global Capital, may be one more blow than the industry can withstand, at least in its current form.
The list of bull-market stars laid low now includes nearly every major player to have captured the public’s attention by offering market-beating returns for the simple act of depositing tokens. Genesis joins BlockFi Inc., Celsius Network and Voyager Digital among firms whose collapse have left countless clients angry and unlikely to risk more money on their daredevil exploits.