As part of the settlement, Gemini will give Genesis – which provided services that helped Earn function – $40 million for its bankruptcy proceedings, which are ongoing, and pay $37 million to NYDFS. And, according to a press release, Gemini “has committed” to having $1.1 billion for its Earn customers by the time Genesis wraps up its bankruptcy proceedings. In a tweet, Gemini said this would amount to 100% of customers’ assets, received in-kind, assuming a bankruptcy court signs off on the agreement.
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Author: Nikhilesh De
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