Genesis Crypto Investment Bank Looking for $1B Amidst Troubles

Unsettled crypto investment bank Genesis is in negotiations with potential investors about raising at least $1 billion in new capital.

Short after its loan business was forced to cease withdrawals following the collapse of crypto exchange FTX, Genesis Global Trading has cited bankruptcy as a possible solution as it seeks new financing, according to Bloomberg, citing individuals familiar with the situation.

In addition, according to the Wall Street Journal, which also cited sources, Genesis sought money from Binance and Apollo Global Management, but Binance rejected to invest due to potential conflicts of interest.

The first revelation caused Bitcoin (BTC) to drop to a new two-year low of $15,608. However, the price has totally rebounded to where it was prior to the Bloomberg article, trading about $15,843 at time of writing, according to CoinMarketCap data.

According to a Genesis spokesperson in the Bloomberg article, there are “no plans to file bankruptcy imminently.”

“Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors,” the representative added.