Genesis is seeking a $1 billion emergency loan from investors

ChainCatcher news, according to The Wall Street Journal, cryptocurrency trading and lending firm Genesis was seeking a $1 billion emergency loan from investors before pausing redemptions this week, citing a liquidity crunch due to certain illiquid assets on its balance sheet.

Genesis interim CEO Derar Islim stated during a conference call on Wednesday that its cryptocurrency lending division, Genesis Global Capital, has suspended redemptions and new loan issuances. Derar Islim mentioned that Genesis is looking for solutions for its lending division, including seeking new sources of liquidity. Derar Islim noted that Genesis's trading and custody businesses are still operating normally.

Earlier, ChainCatcher reported that, according to sources cited by Blockworks, Zhao Changpeng is considering acquiring Genesis's loan assets. (Source link)