Gemini Trust Co., which is co-owned by Winklevoss and his twin brother, paused redemptions on an interest-earning product called Earn in mid-November, a week after rival crypto exchange FTX filed for bankruptcy. The product offered investors opportunities to yield as much as 8% interest on their crypto by lending those digital tokens out to Genesis. Source
CryptoX – Cryptocurrency Analysis and News Portal Gemini Trust Co., which is co-owned by Winklevoss and his twin brother, paused redemptions on an interest-earning product called Earn in mid-November, a week after rival crypto exchange FTX filed for bankruptcy. The product offered investors opportunities to yield as much as 8% interest on their crypto by lending those digital tokens out to Genesis. Source The post Gemini Co-Founder Accuses DCG’s Silbert of ‘Bad Faith’ Stalling in $900M Locked Funds Dispute appeared first on CryptoX. CryptoX Portal
Crypto lender Genesis and its parent company Digital Currency Group (DCG) allegedly owes $900 million to Gemini’s clients, according to a Financial Times report disclosed on Dec. 3 citing people familiar with the matter. The issue derives from the FTX dramatic collapse in November. Crypto exchange Gemini operates a product called Gemini Earn in partnership with Genesis, offering investors the opportunity to earn 8% in interest by lending out their crypto, including Bitcoin and stablecoins pegged to fiat currencies. On Nov. 16, Genesis announced it had temporarily suspended withdrawals citing “unprecedented…
Katie Haun, soon to be former partner at Andreesen Horowtiz (a16z), is looking to raise $900 million for a pair of crypto investment funds following her departure from the venture capital firm, according to a report by the Financial Times. Haun is aiming for $300 million for an early investment fund targeting crypto startups and $600 million for a fund focused on larger companies and digital tokens, FT reported on Friday, citing people briefed on her plans. While much smaller than the $2.2 billion amount Haun helped a16z raise for…
Following a Tuesday announcement that MicroStrategy would be planning to buy $600 million in Bitcoin through a sale of convertible notes, the business intelligence firm has upped the ante by another $300 million. MicroStrategy said today it would be selling $900 million in convertible senior notes due in 2027 in a private offering to qualified institutional buyers. According to the firm’s estimates, the proceeds of the sale will be roughly $879 million. It added, however, that it could be as high as $1 billion “if the initial purchasers exercise in…
The firm has already bought 70,784 bitcoin, an amount now worth around $3.6 billion. Original