Coingalex intends to buy genesis global capital's loan portfolio

by
Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

Cryptocurrency platform Coingalex plans to buy a loan portfolio worth about $2.8 million from struggling rival Genesis Global Capital.

"Genesis was not in my inquiries. Wow. So very few players remain in the OTC market ... B2C2 intends to make an offer to buy loans to reduce Genesis' current liquidity shortage," the platform founder Coingalex wrote.

He told Blockworks that he expects the potential deal to close within a week. Representatives from the companies have already consulted, he said. Bohonen declined to give a possible purchase price, saying he had yet to see Genesis' balance sheet.

"We're not doing this out of altruism. We think there's real money to be made on it," he added.

"The company can support the market more broadly by offering to work with Genesis and its counterparties to repricing existing loans," Coingalex said.

According to Blockworks, Binance founder and CEO Changpeng Zhao is also interested in acquiring Genesis' portfolio. According to the publication's source, the head of the exchange has already asked for more information about the financial state of the OTC platform.

According to another source, Genesis' parent company, Digital Currency Group (DCG), is unlikely to consider offers of less than $2 million.

Genesis has frozen withdrawals and new loans.

Read more about

Martyn Landi

Martyn Landi is a savvy blockchain content writer with about 5 years of experience. He helps crypto brands gain visibility by creating content with a tone, voice, and style that aligns with their vision and goals. When he is not writing or tweeting about cryptocurrencies, NFTs, web3, or metaverse, he is either cycling, watching movies, or reading other content.