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- Genesis Global Trading, a leading over-the-counter (OTC) cryptocurrency trading firm, recently revealed its proposed sale plan in partnership with Digital Currency Group (DCG).
- The sale plan comes as a result of Genesis filing for Chapter 11 bankruptcy protection in late 2020, following the economic fallout caused by the COVID-19 pandemic.
Genesis has been at the forefront of the cryptocurrency industry since its inception in 2013, providing institutional clients with access to digital assets through its OTC trading services. Despite its success, the company faced financial difficulties as the pandemic brought about a significant downturn in the crypto market, leading to a drop in demand for its services.
As a result, Genesis sought the protection of Chapter 11 bankruptcy, which allowed the company to reorganize its finances and restructure its operations. During this process, Genesis entered into a partnership with DCG, one of the largest investment firms in the cryptocurrency industry. DCG has a long-standing reputation for providing support to companies in the crypto space, and its involvement in Genesis’ restructuring process has been seen as a positive step towards securing the company’s future.
Under the proposed sale plan, DCG would acquire a controlling stake in Genesis, becoming the majority shareholder. The deal would also involve the transfer of ownership to a new entity, which would be responsible for managing the day-to-day operations of Genesis. This new entity would be run by a combination of DCG and Genesis executives, ensuring that the company’s expertise and experience in the crypto industry would be retained.
The proposed sale plan has been met with approval by Genesis’ bankruptcy creditors, who believe that it represents the best path forward for the company. DCG has a proven track record in the cryptocurrency industry and has the resources to provide Genesis with the support it needs to continue its operations. The sale would also provide Genesis’ creditors with a significant return on their investment, as the new entity would have a solid financial foundation, allowing it to pay off its debts and move forward.
The proposed sale plan is a significant development for Genesis, as it marks the start of a new chapter for the company. The partnership with DCG will provide Genesis with the stability and support it needs to continue to grow and succeed in the crypto industry. The company’s expertise in OTC trading services, combined with DCG’s resources and experience in the cryptocurrency industry, will ensure that Genesis remains a leading player in the crypto space for years to come.
Conclusion
In conclusion, the proposed sale plan between Genesis and DCG is a positive step towards securing the future of the OTC trading firm. The deal will provide Genesis with the support it needs to continue its operations, and its creditors with a significant return on their investment. The partnership between Genesis and DCG marks the start of a new chapter for the company, and it is expected to play a significant role in the growth and development of the cryptocurrency industry
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
