Digital Currency Group said Friday that it had paid off all short-term loans to institutional investor crypto broker Genesis.
“DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis,” the firm wrote. “In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due. With this milestone behind us, we’re looking forward to the next chapter of DCG and the future growth of our industry.”
“I’m happy to share that DCG completed a full pay down of the money borrowed from Genesis,” DCG’s founder and CEO Barry Silbert said on X, adding that “despite the headwinds faced by the industry I’m excited about the industry’s next chapter and DCG’s leadership role in it.”
Financial troubles
DCG is the parent firm to Genesis, which had faced financial troubles following the collapse of Sam Bankman-Fried’s crypto exchange FTX. In November 2022, DCG took on Genesis’s debt of around $1 billion.
Genesis filed for Chapter 11 bankruptcy protection in January 2023. The firm owes its top 50 creditors around $3.6 billion, The Block previously reported.
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