Barry Silbert, CEO of Digital Currency Group once pitched creating a combined company with Gemini that could compete with the likes of Coinbase and FTX.
Digital Currency Group News
Digital Currency Group, Inc. is a venture capital company that specializes in cryptocurrency, digital currency and blockchain markets. Digital Currency Group was launched by Barry Silbert in 2015 and is headquartered in New York, U.S. The portfolio of Digital Currency Group’s investments includes such projects as Bitpay, Blockstream and Coinbase. The long-term development of blockchain implementation into banking, IT and fintech industries is stated as a top priority of the Digital Currency Group’s investments. The company believes that Bitcoin and blockchain are game changers in the current social and economic structure of the world and tries to help technology-driven startups accelerate their evolution and development for the purpose of providing new opportunities for the mass consumer.
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DCG claims the settlement was made with the assumption that NYAG would win in court, and it does not observe the parent company’s rights.
6880Filings suggested that Genesis Global Holdco held roughly $1.6 billion worth of shares of Grayscale Bitcoin Trust, Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust.
9220Whether Bitcoin’s era has begun is hard to say, but the challenges to broader adoption may be the last breath of a prolonged crypto winter.
6509According to DCG, Genesis’ proposed bankruptcy plan pays creditors “hundreds of millions of dollars more” than the amount of the petition.
11832The bankrupt firms whittled the sum down from a much larger debt to avoid the delay and uncertainty of litigation.
6919Grayscale investment products are no substitute for BTC, Genesis creditors say, and there’s still the matter of late fees.
1862The CEO of Digital Currency Group, Barry Silbert, stated that the company has now satisfied all its obligations that are currently due.
5868Digital Currency Group has over $320 million left to repay, according to Genesis, and the deal would see that remaining sum repaid by April 2024.
3604CoinDesk was owned by the Digital Currency Group, which acquired the media company in 2016 for $500,000. Its new owner is headed by former New York Stock Exchange president Tom Farley.
4835Genesis wants to use the shares’ initial value in claims and is not releasing additional collateral transferred by DCG, the suit claims.
7491A filing from New York Attorney General Letitia James alleges that the cryptocurrency companies defrauded investors of over $1 billion.
2706Lawyers representing Gemini Trust filed a response in bankruptcy court to Digital Currency Group’s plan claiming to offer unsecured creditors a “70–90% recovery."
3261In January, Genesis Global Capital announced it would eliminate its crypto spot trading services “voluntarily and for business reasons” without additional details.
4977DCG suggests a new deal in Genesis bankruptcy, offering unsecured creditors 70%–90% baseline recovery; if approved, it would involve the renegotiation of a $630-million loan between Genesis and DCG.
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