Crypto brokerage and lender Genesis owes more than $3 billion to its creditors, prompting its parent company Digital Currency Group (DCG) to consider selling the assets to pay down the debt.
Information published by the Financial Times on Thursday (11). The newspaper quoted sources.
DCG is considering divesting part of its venture capital portfolio, which is worth about $500 million, according to the report. The sale is part of DCG’s effort to raise new capital after Genesis halted recalls late last year.
DCG was requested by CoinDeskbut declined to comment.
DCG’s portfolio includes cryptocurrency exchanges such as Coinbase, Kraken, Blockchain.com, and the now bankrupt FTX. The car added that the company’s assets are illiquid and will likely take some time to be sold.
Continue after the announcement
Tensions are running high between DCG and Genesis creditors. Earlier this week, the co-founder of crypto exchange Gemini, Cameron Winklevoss, called for the departure of the company’s CEO, Barry Silbert.