Genesis, a U.S. crypto firm, said in a letter to clients on Wednesday that it is working to preserve client assets and strengthen liquidity, adding that developing a plan would take “weeks rather than days.” Genesis Global Capital, Genesis’ lending arm, froze customer withdrawals on Nov. 16, citing “unprecedented market dislocation” caused by the collapse of major crypto exchange FTX. Genesis, which is owned by venture capital firm Digital Currency Group (DCG), announced last week that it was attempting to avoid bankruptcy. “We are evaluating the most effective path to preserve client assets, strengthen our liquidity, and ultimately move our business forward in consultation with highly experienced advisors and in close collaboration with our owner, DCG,” Genesis said in the letter.
