Last year’s crypto winter put tremendous strain on the digital assets industry, with many large players, such as Three Arrows Capital and FTX, going under due to collapse. Following this plight, Genesis has decided to cease all its cryptocurrency trading services. A day ago, the company became embroiled in a repayment deal with Digital Currency Group, that was set to guarantee creditors up to 90% recovery.
As of today, a spokesperson has revealed that Genesis will no longer offer its spot or derivatives trading services. As a statement issued to press put it, these services “are terminating voluntarily, for business reasons”. In addition to the said services, GGC International, who reciprocal the trading operations, has also been closed by the company. Consequently, Genesis officially ceasing its activities in allits corporate entities.
In the wake of all the closures the company has undertaken, at the start of the year, Genesis took refuge in bankruptcy Bills, with a total debt of $3.4 billion owed by the company to its creditors. Anyhow, the new agreement with Digital Currency Group paves a road of recuperation for the organization.