Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
Venture capital firm Digital Capital Group , the parent company of Genesis, tweeted Wednesday morning that the decision was made “in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion.” DCG also owns Grayscale, whose $11 billion in bitcoin make them one of the largest holders in the world. DCG is also the parent company of CoinDesk.
Wednesday morning’s announcement provoked a quick response from crypto exchange Gemini, which is partnered with Genesis and whose clients are impacted by the lending freeze.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: