Genesis is no longer an authorized participant in Grayscale's cryptocurrency trust products

2022-10-03 23:01:28

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According to Chain Catcher, a new regulatory filing from the U.S. Securities and Exchange Commission (SEC) shows that Grayscale, the digital asset management company under Digital Currency Group, is terminating its relationship with its sister company Genesis. Genesis will no longer be responsible for issuing new shares of its crypto fund products, including the flagship fund GBTC.

Grayscale has launched a new dealer, Grayscale Securities, as its sole authorized participant. Genesis will continue to act as a liquidity provider, procuring cryptocurrencies for the trust. The changes take effect immediately.

Chain Catcher previously reported that Genesis had provided a $2.36 billion loan to Three Arrows Capital, and several executives have recently left the company, with a 20% layoff announced in August. (The Block)

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