Nov 22 (Reuters) – Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, is owed $575 million by Genesis’ crypto lending arm, CEO Barry Silbert said in a letter to shareholders on Tuesday afternoon.
Loans from Genesis Global Capital, which suspended customer withdrawals last week, were used to “fund investment opportunities” and repurchase stock from non-employee shareholders, Silbert said in the letter, which was seen by Reuters.That debt is due in May 2023, he added.
Digital Currency Group’s only debt is a $350 million credit facility from “a small group of lenders” led by Eldridge.
The company is on pace to do $800 million in revenue this year, Silbert said.(Reporting by Hannah Lang in Washington Editing by Chris Reese)
If you enjoyed this article and you would like to get additional info relating to اخبار العملات الرقمية kindly check out our own website.