Genesis Ends Crypto Trading Services

A day after Genesis and Digital Currency Group (DCG) said they would work together on a repayment plan, Genesis said it would stop offering crypto trading services. The company made this choice after the failures of Three Arrows Capital and FTX last year had a significant effect on it.

A spokesperson told us that services will stop today because the company recently said it would close its US trade desk. According to a recent statement, the crypto trading company is shutting down all its derivatives trading activities.

Genesis Ending Services for Crypto Trading

The crypto business as a whole took a massive hit from last year’s terrible crypto winter. After several big players in the digital asset market went out of business, the market was in shock. Closures led to the discovery that FTX, a cryptocurrency company, had been doing fraud.

Genesis has said it will no longer offer services for selling cryptocurrencies. The company had already said it would close its US trading desk and foreign spot trading and derivatives trading.

“Genesis has decided to stop offering spot and derivatives trading of digital assets through GGC International, Ltd. (GGCI),” the company told Coindesk in a statement. “I made this choice on my own and for business reasons. With the end of GGCI’s services, Genesis has no business entities that provide trading services.

The choice came one day after a big deal to pay back DCG was made public. In particular, the agreement lets creditors get back 70–90% of their debts. Also, the company filed for bankruptcy at the beginning of the year and now owes $3.4 billion to its bondholders.