Crypto company Genesis has announced that it will go bankrupt if it fails to find funds.
According to Bloomberg’s report, Genesis stated that it was having trouble finding funds for its credit department and could file for bankruptcy if it was unable to do so.
Genesis May Join Bankrupt Companies
Bloomberg reports that crypto companies have faced a liquidity crisis since FTX filed for bankruptcy, with Genesis joining the ranks.
Genesis plans to raise at least a billion dollars in funds to avoid going bankrupt. It was stated that Binance was among the companies that the company talked to.
According to the news, although Genesis does not plan to file for bankruptcy anytime soon, it may resort to this path if the current crisis cannot be resolved.
The collapse of FTX continues to affect the cryptocurrency industry. The process greatly reduced the trust in crypto exchanges and cryptocurrencies and caused the value of the leading cryptocurrency Bitcoin to decrease. At the time of writing, the leading cryptocurrency is trading at $ 15,651 according to CoinMarketCap data.
