FTX Contagion: Crypto Firm Genesis Asks Binance, Apollo for Cash Genesis is faltering as the FTX contagion continues to spread throughout

Cryptocurrency lending firm Genesis Global Capital has reportedly asked crypto exchange Binance and private equity firm Apollo Global Management for cash. Genesis is faltering as the FTX contagion continues to spread throughout the cryptocurrency world.

The Wall Street Journal reports that Genesis Global Capital is seeking funding to stay afloat. According to people familiar with the matter, the lender has asked crypto exchange Binance for an investment and bid for its loan book.

According to people familiar with the matter, Binance decided not to invest in Genesis because it was concerned that some of the firm’s future business could create a conflict of interest. Genesis also reportedly approached Apollo Global Management for capital assistance.

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A Genesis spokesperson said: “We have 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.”

www.breitbart.com/tech/2022/11/22/ftx-contagion-crypto-firm-genesis-asks-binance-apollo-for-cash/

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