FinTech news in Three Arrows Capital category

Genesis Global Holdco and two of its lending business subsidiaries Genesis Global Capital and Genesis Asia Pacific filed voluntary petitions under the bankruptcy code for SDNY, its press release stated. On January 12, the U.S. Securities and Exchange Commission charged Genesis and cryptocurrency exchange, wallet, and custodian Gemini for the unregistered offer and sale of securities to retail investors through Gemini Earn crypto asset lending program. The firm struggled to raise capital for its lending unit, cut 30% of its staff in early January and took a financial hit from major catastrophic crypto events last year like the collapse of crypto hedge fund Three Arrows Capital and the decline of crypto exchange FTX. Aside from Genesis, DCG is the parent company of digital currency asset manager Grayscale, media company CoinDesk, mining and staking company Foundry, digital asset exchange and wallet Luno and API-centric platform TradeBlock.

Celsius Network, one of the world’s largest cryptocurrency lenders, has filed for bankruptcy protection, a month after freezing customer assets in the wake of sharp turbulence in the crypto market that has toppled business models of several firms. The New Jersey-headquartered startup, which was valued at $3.25 billion when it extended its “oversubscribed” Series B \[…\]