- Genesis Global Trading avoided Genesis bankruptcy earlier this year.
- Genesis is currently trying to raise funds to pay back its creditors.
- Genesis’ parent company DCG came to its rescue and reached an in-principle agreement with creditors.
According to an email issued to clients on Tuesday, Genesis’ spot crypto trading operation will close down later this month.
According to the email, Genesis Global Trading (GGT) will discontinue its over-the-counter trading platform on September 18. All trades must be completed by September 21; otherwise, all open accounts will be cancelled at the end of the day on September 30. The email stated that “the decision was made voluntarily and for business” purposes.
Genesis Global Trading avoided Genesis’ bankruptcy
Genesis Global Trading was one of a select group of Genesis-affiliated businesses that avoided the conglomerate’s collapse earlier this year as a result of crypto financing. The email from the company, however, stated that another division with a focus on trading, GGC International Limited, would keep operating its spot and derivative trading services.
Digital Currency Group (DCG), a major venture capital firm in the cryptocurrency industry and the parent of Genesis, recently reached an agreement in principle with Genesis’ creditors.