Digital Currency Group Settles Debt!

January 6, 2024 12:03 pm Comments

Digital Currency Group (DCG) just posted a spot of good news for the embattled conglomerate.

According to a recent announcement, Digital Currency Group (DCG) has repaid $700 million to Genesis, which acted as a creditor to the Digital Currency Group.

In total, DCG has now settled $1 billion in debt to its creditors. Their announcement notes that this was accomplished during a market downturn—emphasizing the financial soundness of the enterprise.

No word yet on how DCG plans to settle its long-standing debt with Gemini, but this recent move to pay off creditors represents a giant step in the right direction. DCG announced on Friday:

Coin Journal explained:

The debt settlement follows a lawsuit initiated by Genesis in September, seeking the recovery of an outstanding loan balance exceeding $610 million. DCG’s commitment to debt repayment, highlighted in a strategic agreement reached in August, reflects its determination to honour financial obligations.

Founder and CEO of Digital Currency Group Barry Silbert wrote: “I’m happy to share that DCG completed a full pay down of the money borrowed from Genesis. We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry. I’m excited about the industry’s next chapter and DCG’s leadership role in it.”

Coin Telegraph added:

Genesis filed for bankruptcy in January 2023 after suspending withdrawals in November 2022.

The company owed over $3.5 billion to its top 50 creditors, including firms like Gemini and VanEck’s New Finance Income Fund.

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