Breaking: DCG owes collectors over $3B, pondering $500M VC portfolio sale

Breaking: DCG owes collectors over $3B, pondering $500M VC portfolio sale

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Cryptocurrency dealer Genesis Global Trading allegedly owes its collectors greater than $3 billion, according to a Jan. 12 allege from the Monetary Times. Its guardian, the Digital Forex Team (DCG), which also owns Grayscale Investments and its series of digital asset trusts, seeks to promote allotment of its mission capital holdings to offset the shortfall.

In accordance with folks conversant within the matter, DCG’s mission arm has greater than 200 crypto-related projects “equivalent to exchanges, banks and custodians in at the very least 35 nations,” with a full valuation of around $500 million. Genesis reportedly employed funding financial institution Moelis (NYSE:MC) to search out strategic choices, though folks conversant within the matter said there became dinky capital infusion ardour. On Jan 5., Genesis laid off 30% of its group of workers as a price-cutting measure, a second of its kind in six months' time.

Proceed Reading on Coin Telegraph

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