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Altcoin Founder Became a Partner in the Bank! Genesis Has Made a New Statement!


New and important developments are happening in the crypto money markets every minute. And now this has happened. The CEO of the company, a popular altconin developer, has become the largest shareholder of a bank with a value (of its shares) of about $ 1 billion. The details revealed by the SEC document today excited investors. It cannot be said that there is an impressive movement in the price of the altcoin.

EOS News

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According to Securities and Exchange Commission documents filed today, the founder of EOS developer BlockOne, Brendan Blumer, bought 9.3% of crypto bank Silvergate Capital (SI), while BlockOne bought another 7.5%. The acquisition makes Blumer Silvergate’s largest shareholder, according to the latest statistics from FactSet. Blockone is a private blockchain company founded in 2017 by Brenden Blumer and Dan Larimer. The company is best known for developing the EOS protocol, which it announced in 2017 and then released as open source software in 2018.

SILVERGATE’s shares rose by over 5% today, but there was no similar movement in the EOS price. EOS is finding buyers at $ 0.9 at the time of writing, it has taken its share from the general market rise. FTX has at least $1 billion in deposits on Silvergate, but the bank says this represents less than 10% of its total deposits from all digital asset clients.

Will Genesis Sink?

Days after halting withdrawals, Genesis Global Capital has confirmed that it has hired investment bank Moelis to explore how to bolster the liquidity of its crypto lending business and meet the needs of clients. “We have started discussions with potential investors and our largest creditors and debtors, including Gemini and DCG,” Genesis’ interim CEO Derar Islim said in a note to clients. Moelis has been hired to expedite these talks, Islim said, adding, “We hope to expand these talks in the coming days.”

Genesis had spent most of November scrambling to raise new capital or reach an agreement with creditors due to its exposure to the collapsed crypto exchange FTX. The company’s corporate credit unit was forced to suspend firings and new loan purchases last week. Genesis had also previously disclosed that the derivatives unit had approximately $175 million of locked funds in its FTX trading account. As a result, the parent company Digital Currency Group (DCG) opted to strengthen Genesis’s balance sheet with a capital infusion of $ 140 million.

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