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Digital Currency Group’s market maker and lending subsidiary, Genesis Trading, has announced in an effort to ensure transparency that its derivatives business has approximately $175 million worth of funds locked in FTX trading accounts. clarified.
Genesis shared the news in a tweet thread on November 10th, clarifying that the locked funds “will not impact our market-making activities.”
As part of our goal of providing transparency regarding market events this week, the Genesis Derivatives business currently holds approximately $175 million in locked funds in FTX trading accounts. This does not affect our market making activities.
Genesis (@GenesisTrading) November 10, 2022
Genesis has also said it has no ongoing relationship with FTX or its sister company Alameda Research, with FTX CEO Sam Bankman-Fried stating that “the deal is also closed.”
Again, Genesis does not have an ongoing financing relationship with FTX or Alameda.
Genesis (@GenesisTrading) November 10, 2022
Accusations of the ongoing relationship follow other companies within the crypto industry trying to distance themselves from the influence of FTX, with Tether, Circle, Kraken, and Coinbase all being among the companies in question. declares that it has not been exposed to
While Genesis was suggested In a thread on Nov. 10 that capital and positions in FTX would not interfere with “the full functioning of our trading franchise,” parent company Digital Currency Group stepped in like Genesis suffered after. I don’t know yet if I need it. From exposure to Three Arrows Capital (3AC).
Related: Galaxy Digital reveals $77M exposure to FTX, with $48M potentially locked in withdrawals
genesis claimed On Nov. 9, investors said they had “printed record amounts” amid FTX’s impact after claiming to look to them to manage risk when market conditions were volatile. rice field.
Our business, including cash and derivatives lending and trading, is operating normally and our balance sheet remains strong. Yesterday was the top five trading days for derivatives business. This is because our clients rely on us to manage their risks in a volatile market environment.
Genesis (@GenesisTrading) November 9, 2022
However, its active loans fell 74.8% through the latest crypto winter, most recently in Q3 report Ongoing loan balances show a total of $2.8 billion compared to $11.1 billion in the same period last year.
