DCG finalizes its repayment with Genesis:
- Digital Currency Group (DCG) has completed the repayment of all its short-term loans with Genesis.
- Over $1 billion in debt repaid by DCG in just over a year.
- Genesis, closely linked to DCG, filed for bankruptcy in January 2023.
More than $700 million in debt repaid
Digital Currency Group (DCG) recently announced that it has repaid all of its “short-term loans,” amounting to over $700 million, owed to Genesis, the crypto lending protocol that went bankrupt in early 2023 after being severely impacted by the collapse of FTX.
Furthermore, this amount is part of a broader initiative by DCG, where the company has repaid over $1 billion in total debt to its creditors.
In total, DCG has repaid over $1 billion in debt to its creditors in just over a year, nearly $700 million of which is owed to Genesis, satisfying all currently due obligations.“
DCG stated
A complicated comeback since the fall of FTX
The relationship between DCG and Genesis was tested after the fall of the crypto exchange FTX, an event that also triggered a series of financial difficulties for Genesis.
In November 2022, DCG assumed approximately $1 billion in debt from Genesis, just before Genesis filed for Chapter 11 bankruptcy in January 2023.
With the resolution of its short-term debts, DCG opens a new chapter, with a potentially optimistic outlook for the future of the company.
