On Feb. 6, Genesis announced that it has arrived at a global resolution that will “maximize value” for all Genesis clients and stakeholders. The in principle agreement is with its parent company DCG and groups of creditors which, on aggregate, hold or represent more than $2 billion in asserted claims. In early January, Genesis axed...Read More
The New York Department of Financial Services reportedly launched an investigation against Gemini, alleging that the cryptocurrency exchange told its 340,000 Earn users they were FDIC-protected. The program, which provided clients up to 7.4% APY on their holdings, went down after the platform’s partner – Genesis – halted withdrawals and filed for bankruptcy. The NYDFS...Read More
Gemini – the Winklevoss-owned cryptocurrency exchange – has commenced its third round of job cuts in under a year, dismissing another 10% of its workforce. Cameron Winklevoss claims the layoff was motivated by a combination of macroeconomic pressure and “unprecedented fraud” within the crypto industry. Gemini’s Shrinking Team As reported by The Information on Monday,...Read More
The Co-Founder of Gemini – Cameron Winklevoss – said he could sue the CEO of Digital Currency Group – Barry Silbert – for allegedly defrauding over 340,000 Earn users. The threat comes shortly after Genesis (a subsidiary of DCG) filed for Chapter 11 bankruptcy protection. The Verbal Fight Goes on The partnership between Genesis and...Read More
Barry Silbert’s crypto conglomerate, Digital Currency Group (DCG), revealed halting quarterly dividends until further notice. In an email to shareholders, as viewed by Bloomberg, the crypto investment firm said it is currently focused on “reducing operating expenses and preserving liquidity” in response to the current market environment. Troubles for DCG The FTX collapse exposed significant...Read More
The Securities and Exchange Commission (SEC) has filed a complaint against Genesis Global Capital and Gemini Trust Company for allegedly selling unregistered securities to retail investors in the US. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, plus front-end interest and civil penalties. Both companies raised billions of dollars by offering and...Read More
Dutch crypto exchange Bitvavo claimed to have received an offer from Digital Currency Group (DCG) on January 9th to repay 70% of its debt within an acceptable period. However, the company refused the offer citing that the crypto conglomerate has sufficient funds available for full repayment. The development comes days after the trading platform revealed...Read More
On Jan. 10, DCG CEO Barry Silbert reflected on the state of the crypto industry and the increasing waves of speculation about his firm in the wake of the FTX fallout and contagion. Silbert acknowledged that 2022 was a tough year and DCG and its subsidiaries were not immune to the effects of the present...Read More
Gemini co-founder Cameron Winklevoss has called on the Board of Digital Currency Group (DCG) to immediately remove CEO Barry Silbert According to Winklevoss, the DCG chief executive made false and misleading statements regarding the financial status of crypto brokerage firm Genesis. In an open letter on Tuesday (January 10, 2022), Cameron Winklevoss, speaking on behalf...Read More
According to the latest edition of Arcane Research, the entire market appears to be stabilizing even though there’s still some uncertainty left. Having said that, all eyes are on DCG’s next steps, which can further intensify downward price action. Bitcoin Volatility Nearing 30-Months Low Bitcoin’s current price action was defined as stale as its volatility...Read More
According to a Jan. 5 report by the WSJ citing ‘people familiar with the matter,’ Genesis is mulling a bankruptcy filing and has let around 30% of its staff go. The layoffs were across several departments leaving the firm with 145 employees remaining. Genesis has tapped investment bank and financial advisory firm Moelis & Co....Read More
The Grayscale Ethereum Trust (ETHE) has fallen to a record discount of -60% as fears over liquidations mount. The discount to net asset value (NAV) had been between -25% and -35% up until early November when FTX collapsed. It has since plummeted to its lowest-ever level this week. The Ethereum Trust is the firm’s second-largest,...Read More
A group of investors has filed a class-action complaint against Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, alleging that the U.S. cryptocurrency exchange sold unregistered securities in the form of interest-bearing accounts. The lawsuit comes about a month after Gemini halted withdrawals due to liquidity issues facing one of its business partners....Read More
The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million. Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion...Read More
Crypto exchange Gemini revealed working closely with Genesis Trading and its parent company Digital Currency Group, Inc, to find a solution for Earn users to redeem their funds. In a series of tweets, the Winklevoss-led platform noted that it is working to provide a material informational update soon. “This remains our highest priority and we...Read More
Gemini – the crypto exchange founded by the Winklevoss twins in 2014 – experienced sweeping service disruptions shortly after Genesis froze customer withdrawals on Wednesday. The firm later clarified that an Amazon Web Services EBS outage was responsible for the disruptions, and restored functionality shortly afterward. According to Gemini’s status page, most of the company’s...Read More
Digital asset venture capital firm, Holon Global Investments, has launched three new crypto funds – Bitcoin (BTC), Ethereum (ETH), and Filecoin (FIL) in partnership with Gemini. These are Australia’s first unlisted retail funds which would provide passive exposure to the spot prices of the three crypto-assets. Moreover, the Holon Filecoin Fund happens to be the...Read More
The Central Bank of Ireland granted regulatory approval to the cryptocurrency exchange Gemini to offer digital asset services in the local market. Moreover, the company became the first to be registered as a Virtual Asset Service Provider (VASP) in the country. The trading venue run by billionaire twins Cameron and Tyler Winklevoss keeps expanding its...Read More
On July 18,2022, an anonymous source linked to the crypto exchange Gemini said that the company had laid off 7% of its workforce. The source, who spoke with the Tech media outlet TechCrunch, said that Gemini reportedly fired at least 68 workers in a low-key manner. The source found out about it because the workers...Read More
Centralized crypto exchange and lending platform BlockFi joined Geminis, CryptoCom, and other digital asset firms in massively trimming its staff size in the light of a downtrend wave storming the industry. Roughly 20% of its 850+ employees are set to be laid off, according to the company’s blog post penned by co-founders Zac Prince and...Read More
Gemini – the crypto exchange spearheaded by billionaire twins Cameron and Tyler Winklevoss – announced first-ever job cuts as the months-long crypto selloff had shown no signs of reversal yet. Around 10% of the existing staff will be laid off, according to an internal memo acquired by Bloomberg. Contraction Phase In the memo addressing their...Read More
A study conducted by the cryptocurrency exchange Gemini determined that approximately 41% of the surveyed individuals from Brazil and Indonesia own digital assets. The United States and the United Kingdom are far behind with respectively 20% and 18%. Brazil and Indonesia: the Global Leaders The US-based crypto platform Gemini questioned nearly 30,000 people across 20...Read More
The U.S.-based cryptocurrency custody and exchange Gemini has been granted an electronic money (e-money) license from the Central Bank of Ireland. According to The Irish Times on Monday (March 21, 2022), Gemini, founded by the Winklevii twins Tyler and Cameron, became the first fintech company to receive the Irish license since October 2020. The crypto...Read More
Apart from Gemini’s addition, the council’s other prominent industry leaders Block (previously Square), Coinbase, Paradigm, Fidelity Digital Assets, Andreessen Horowitz, and Ribbit Capital. Gemini – The Latest Addition to CCI NY-based cryptocurrency custody and exchange, Gemini is all set to join the Crypto Council for Innovation (CCI) – a global alliance of crypto industry leaders...Read More
US-based cryptocurrency custody and exchange Gemini has made its latest acquisition, with the company purchasing the trading technology startup, Omniex. Gemini announced the news of the acquisition in a blog post on Wednesday (January 19, 2022). According to the exchange platform, Omniex will be integrated into Gemini Prime, which was publicly launched following the acquisition....Read More
The popular New York-based cryptocurrency exchange, Gemini, has recently revealed that it is seeking to raise about $400 million in a new funding round. Thus, its total valuation could rise to $7 billion. A Potential $7B Valuation Citing unnamed sources on Thursday, Bloomberg reported that the fundraising will bring the exchange’s valuation to $7 billion....Read More
The US cryptocurrency exchange – Gemini – announced a long-term initiative called Gemini Green, aiming to add environmentally conscious practices into its business. The trading venue partnered up with Climate Vault and plans to purchase 350,000 metric tons of carbon – a move striving to decarbonize bitcoin. The Crypto Platform That Will Offset Its Own...Read More
The Bitcoin price crash has been so severe that the Winklevoss twins, arguably one of the largest BTC whales in the world, have decided to start a band to make ends meet. Let’s Rock! Ok, Ok; maybe we’re exaggerating, but a report from the celebrity gossip site Page Six claims that the multi-talented Winklevoss twins...Read More
The US-based cryptocurrency exchange Gemini announced it will grant its customers the opportunity to earn interest on Dogecoin. They can realize as much as 2.25% annual percentage yield (APY) on the meme coin. With this innovation, Gemini Earn now accounts for more than $2 billion in loans for its customers. DOGE Coming to Gemini The...Read More
Mastercard continues its crypto-related efforts by partnering with the digital asset exchange Gemini to introduce an innovative crypto rewards credit card. Dubbed Gemini Credit Card, it already has over 100,000 people on its waitlist but should see the light of day in the summer. Crypto Rewards Credit Card From Gemini The crypto exchange founded and...Read More
