{"id":70411,"date":"2022-11-22T10:09:11","date_gmt":"2022-11-22T08:09:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70411"},"modified":"2025-09-08T02:09:24","modified_gmt":"2025-09-07T23:09:24","slug":"wsj-binance-declines-to-rescue-genesis-global-capital","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/wsj-binance-declines-to-rescue-genesis-global-capital\/","title":{"rendered":"WSJ: Binance declines to rescue Genesis Global Capital"},"content":{"rendered":"

The Bitcoin exchange Binance will not invest in Genesis Global Capital as the crypto-lending platform seeks emergency funding of $1 billion. The Wall Street Journal<\/a> reports.<\/p>\n

The reason for the decision was a potential conflict of interest between Binance and the business model of Barry Silbert’s Digital Currency Group (DCG), a person familiar with the matter said.<\/p>\n

Genesis also sought financial backing from Apollo Global Management, the alternative investment manager.<\/p>\n

The crypto-lending firm on November 14 requested emergency access to a $1 billion credit line<\/a>, citing a liquidity crunch. The request was filed before the suspension <\/a>of withdrawals and the issuing of new loans afterthe collapse of FTX.<\/a><\/p>\n

According to The Block, Genesis has cut its funding target to $500 million. Without additional cash injections, the company faces potential bankruptcy.<\/p>\n

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Sources tell The Block crypto trading firm Genesis\u2014which has been struggling to raise emergency capital to shore up its lending unit\u2019s liquidity profile\u2014has slashed its raise target from $1bn to $500 million. As Bloomberg reported, it faces potential bankruptcy w\/o funding.<\/p>\n

\u2014 Frank Chaparro (@fintechfrank) November 21, 2022<\/a><\/p><\/blockquote>\n