What Genesis's Bankruptcy Means for the Industry | Bloomberg Crypto
January 26, 2023
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19:38Now PlayingWhat Genesis's Bankruptcy Means for the Industry | Bloomberg Crypto
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as posted by the channelCrypto lender Genesis has filed for bankruptcy (). For many observers in crypto, this wasn't entirely unexpected, not least because the company itself had been warning that it was staring down a liquidity crisis () and trying to raise money.
Over the past couple of weeks, Barry Silbert, who is the CEO of the Genesis parent company known as Digital Currency Group, has been in a very public and kind of increasingly nasty online dispute with some fellow billionaires, the co-founders of the Gemini Crypto Exchange, Tyler and Cameron Winklevoss. At the heart of this dispute is around $900 million worth of funds that customers of these two entities have lost access to.
Bloomberg editor Anna Irrera () and reporter Emily Nicolle () join the show to discuss what Genesis was, why it was so important to the crypto ecosystem and what its relationship is with Gemini.
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Crypto is the world's hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
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