Genesis receives an additional $140 million capital injection following recent market events

According to the company, this will strengthen its position as a global leader in the crypto capital markets.

Genesis Trading announced on November 10 that it would receive an additional capital injection of $140 million from its parent company, Digital Currency Group. According to the company, the move was made to "strengthen its balance sheet" and strengthen its "position as a global leader in crypto capital markets".

Genesis said it also hopes the capital injection will put its business in a position to support its customers and "the growing demand" for its services. This is according to a snapshot of a letter sent to his clients, as shared by Wu Blockchain on his Twitter account.

Genesis has sent letters to its clients stating that it has secured an additional $140 million capital injection from parent company, Digital Currency Group. Genesis, with $175 million locked up in FTX, is also Three Arrows Capital Babel Finance's largest creditor. pic.twitter.com/d77QCODdsf

On October 10, Genesis Trading disclosed that its derivatives business had approximately $175 million in funds locked up in an FTX trading account. Although FTX is facing a "cash crisis" and recently filed for bankruptcy, Genesis assured its clients that the millions of dollars locked up in FTX would not impact its market making activities. p>

As part of our goal of providing transparency on this week's market events, Genesis' derivatives business currently has approximately $175 million in funds locked in our FTX trading account. This has no impact on our market-maki...