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    Sonal Shridhar Shinde in News

    22-Nov-2022 10:47 AM


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    Cryptocurrency Lender Genesis Says No Immediate Plans To File For Bankruptcy

    Genesis also approached private equity firm Apollo Global Management for capital assistance.(File) Cryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions.
    "We have no plans to file bankruptcy imminently.
    A report from Bloomberg News, citing sources, said Genesis was struggling to raise fresh cash for its lending unit, and warning investors it may need to file for bankruptcy if it does not find funding.
    Also, the Wall Street Journal reported, citing sources that the company approached crypto exchange Binance seeking investment but Binance decided against it, fearing a conflict of interest down the line.
    Source: NDTV
    #Crypto