“Genesis Global Trading is suspending its crypto spot trading services from September 18, mirroring an industry shift towards derivative trading and exchange-cleared avenues. This strategic move is also seen as an adaptation to increasing regulatory scrutiny in the crypto industry.”
Search Results for: Genesis Global Holdco
Genesis Global’s Bankruptcy Tango: Stakeholders, Creditors, and Deadlines in the Cryptocurrency World
Genesis Global Holdco’s bankruptcy case nears its endpoint with heightened uncertainty around a conclusive deal. Key stakeholders are intensely lobbying for a bankruptcy exit plan despite opposition. In a parallel development, an agreement to settle disputes in their bankruptcy cases has been reached with now-bankrupt crypto exchange, FTX.
Navigating the Turbulence: CFO Change, Rising Revenues and Legal Battles in Digital Currency Group
Digital Currency Group (DCG) has appointed Mark Shifke as the new CFO, following the departure of former CFO Michael Kraines. DCG has reported Q2 revenues of $216 million but also consolidated quarterly losses of $79 million. Ongoing negotiations to settle claims for defunct subsidiary Genesis Global Holdco and a lawsuit from creditor Gemini Trust hint at turbulent times for DCG.
From Bankruptcy to Galaxy Digital: Examining Leon Marshall’s Crypto Journey and Industry Resilience
Crypto veteran Leon Marshall joins Galaxy Digital as global head of sales, bringing valuable experience from Gnosis, CryptoCompare, UBS, and JPMorgan Chase. Despite recent challenges, Marshall remains optimistic about the digital asset industry’s future and Galaxy’s role within.
Shutting Down TradeBlock: A Warning Sign for Crypto Firms Amid Regulatory Hurdles
Digital Currency Group (DCG) is shutting down its trading and prime brokerage services unit, TradeBlock, on May 31 due to the ongoing crypto winter and regulatory uncertainties in the US. This closure highlights the challenges faced by crypto companies in the current economic and regulatory environment, emphasizing the need for adaptability and resilience in developing business models within the digital asset market.