Gemini Says DCG Missed $630M Genesis Loan Payment

Crypto exchange

Gemini earlier warned DCG was risking defaulting on its obligations if unable to pay the $630 million Genesis debt.

Crypto exchange Gemini said Digital Currency Group (DCG) of missing out on a $630 million payment that was due last week.

The payment relates to a loan Gemini made to the now-bankrupt crypto lender Genesis, which is the subsidiary of DCG.

Earlier this month, the firm warned that in the event DCG is unable to make the required payment or restructure its debt, the digital assets conglomerate would be at risk of defaulting on its obligations.

In the update on the company’s website, the Winklevoss twins-led exchange also said that together with creditor committees it is currently evaluating the possibility of granting forbearance to DCG as a means to prevent a default.

"Genesis and its credi- offer global payment and cross-border money transfer services. The app now sports a brand new user interface and also gives users the ability to hold funds in bitcoin (BTC) and tether (USDT). tors, represented by the Official Committee of Unsecured Creditors, the Ad Hoc Group of Genesis Lenders, and Gemini Trust, are working collaboratively to address Digital Currency Group’s nonpayment of approximately $627 million in dollars and BTC that was due last week during the ongo- ing mediation period," a Genesis spokesperson told Decrypt. "Among other things, as part of the ongoing mediation process, the parties are discussing potential terms of forbearance, a standalone chapter 11 plan for Genesis, and other options to recover assets and maximize value to stakeholders."

Strike says the expansion will increase its total addressable market to almost 3 billion people.

“Our end goal is to address the 7 to 8 billion people in every single country,” said Manuela Rios, Strike’s vice president of product, in an interview with CoinDesk.

Rios says the app’s new user interface will feature a seamless onboarding experience, something she said the company has been working on for years.