Genesis Global — a Digital Currency Group (DCG) subsidiary — filed for Chapter 11 bankruptcy protection on Jan. 19 in the bankruptcy court of the Southern District of New York, it said in a press release. The derivatives, spot trading, broker-dealer, and custody arms of Genesis are not part of the bankruptcy filing and are…
Crypto lending company Nexo has settled with the U.S. Securities and Exchange Commission (SEC), according to a press release on Jan. 19. The SEC charged Nexo with failing to register its retail lending product — the Earn Interest Product (EIP) — which it first began to offer in the U.S. in June 2020. Nexo allegedly…
Silvergate Bank Company in North America Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, based in La Jolla, California. More about Silvergate Info Twitter LinkedIn
The U.S. Securities and Exchange Commission has charged Genesis and Gemini over their now-defunct Gemini Earn program, according to a Jan. 12 announcement. SEC chair Gary Gensler said: We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors. Today’s charges build on previous actions to make…
Embattled crypto lender Genesis owes over $3 billion to its creditors, the Financial Times reported on Jan. 12, citing sources familiar with the matter. The lender owes $900 million to users of Gemini’s Earn program, over $303 million to Dutch exchange Bitvavo, as well as money to users of crypto savings firm Donut. On Jan….
Gemini has officially discontinued its interest-bearing product, Earn, according to an email sent to users on Jan. 10. Gemini says that it has terminated existing Master Loan Agreements with Genesis Global Capital — which provided the Earn program — on behalf of its customers. “This officially terminates the Earn Program,” the email reads. According to…
Crypto lending firm Vauld has rejected a long-standing acquisition offer from its larger competitor, Nexo, according to various reports on Jan. 5. In a private letter, Vauld co-founder and CEO Darshan Bathija told Nexo that his company would reject a final proposal put forward by Nexo. Vauld said that Nexo had failed to provide an…
Genesis interim CEO Derar Islim pleaded for more time to sort the financial situation of its lending arm, according to a Jan. 4 statement. Islim said the firm was currently involved in “a very complex process that will take some additional time.” He added that the firm remains committed to solving its current situation. Islim…
Three users of Gemini Earn filed a class arbitration case against Genesis Global Capital, Digital Currency Group (DCG), and Genesis Global Trading, with the American Arbitration Association on Dec. 30. Winklevoss twins-owned crypto exchange Gemini offered an ‘Earn’ program where user assets were lent out to Genesis Global Capital, allowing users to earn interest. On…
Acquisition talks between Vauld and its potential buyer, Nexo, have broken down, according to a report published by Bloomberg on Dec. 26. Vauld was one of several cryptocurrency lending and borrowing companies that suspended withdrawals this summer due to a widespread liquidity crisis. The firm halted services on July 4 and filed for creditor protection…