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Genesis Trading suspends redemptions and new loans in wake of FTX

Genesis Trading suspends redemptions and new loans in wake of FTX

Genesis Trading, one of the largest crypto lending institutions, said it’s temporarily suspending redemptions and new loan originations in its lending business. The development is one more blow to crypto credit markets and sent bitcoin’s value down. The company said on a Wednesday call with clients that it’s working to find a solution for its lending business and is pushing to present proposals next week. The announcement comes as yet another ripple effect from the bankruptcy of major crypto… Source link

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