Per a report from The Block, Genesis, a prominent digital asset financial firm, has announced the discontinuation of crypto derivatives trading through its subsidiary GGC International (GGCI). The company conveyed this decision to its clients in an email on Wednesday.
Genesis Continues To Scale Back Services
According to the report, The company clarified that this decision applies to all of its business entities and was made voluntarily based on strategic business considerations.
Genesis has assured its clients that any open derivatives positions with GGCI will be honored until their expiry dates.
In recent weeks, Genesis has been implementing strategic changes and scaling back its services as part of its ongoing efforts to streamline operations and focus on core areas of expertise.
This move to halt digital asset derivatives trading through GGCI aligns with the company’s broader strategic realignment.
Furthermore, the firm has fully supported clients in managing and closing any remaining open positions. The termination of derivatives trading services is scheduled for September 21.
While Genesis has not explicitly disclosed the reasons behind its decision, market observers speculate that factors such as regulatory uncertainties, market volatility, or shifting client demands may have influenced the company’s strategic realignment.
Genesis And Digital Currency Group Clash
Per a Reuters report, Digital Currency Group (DCG) is facing a lawsuit from Genesis Global Capital, as the two parties negotiate the repayment of over $610 million in loans that matured in May.
Genesis has filed a complaint in a Manhattan bankruptcy court seeking to recover $500 million borrowed by DCG under four loans. Additionally, Genesis has fil
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Author: Ronaldo Marquez
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