DCG proudly announced on Friday that it has successfully repaid all of its short-term loans to cryptocurrency broker Genesis, a renowned institutional investor. The completion of this payment further solidifies DCG’s financial stability, as it has now cleared over $1 billion in debt to its various creditors within just a little over a year. Notably, nearly $700 million of this debt was owed to Genesis, and all obligations have now been fully satisfied. With this significant milestone accomplished, DCG eagerly looks ahead to the next phase of its journey and anticipates the continued growth of the cryptocurrency industry as a whole.
DCG founder and CEO Barry Silbert expressed his enthusiasm, stating, “I’m delighted to announce that DCG has successfully paid back all the funds we borrowed from Genesis. Despite the challenging circumstances faced by the industry, I am genuinely excited about the upcoming chapter for the cryptocurrency space, and DCG’s influential role in leading the way.”
It should be noted that DCG’s parent firm is Genesis, which encountered financial difficulties in the wake of the collapse of FTX, a crypto exchange owned by Sam Bankman-Fried. In November 2022, DCG took on approximately $1 billion of Genesis’s debt. Subsequently, in January 2023, Genesis filed for Chapter 11 bankruptcy protection, with its debt amounting to around $3.6 billion owed to the top 50 creditors. The successful repayment of DCG’s loans to Genesis represents an important step towards the resolution of Genesis’s financial challenges.