Cryptomelix refused to save genesis global capital

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Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

Bitcoin exchange CryptoMelix will not invest in Genesis Global Capital amid the cryptolanding platform's search for $1 million in emergency funding, The Wall Street Journal reported.

The reason for the rejection was a potential conflict of interest between CryptoMelix and the business model of Barry Silbert's Digital Currency Group (DCG) subsidiary, the publication's source specified.

Genesis has also been trying to negotiate financial support with alternative investment manager Apollo Global Management.

The cryptolending firm requested emergency access to a $1 million line of credit, citing a lack of liquidity.

According to The Block, Genesis cut its funding target to $500,000. Without an additional cash infusion, the company is potentially at risk of bankruptcy.

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Gustaf Kilander

Gustaf is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.