Digital Currency Group is paying off $700 million in debt to Genesis

Venture capital firm Digital Currency Group (DCG) announced that it has paid off all of its short-term loans it currently owes to now-defunct crypto-lending platform Genesis.

In a suitable one Detailsplaced on Dollars paid to creditors last year.

“DCG is pleased to announce that we have completed the recovery of all short-term loans from Genesis. In total, DCG has repaid more than $1 billion in debt to its creditors in more than a year, including nearly $700 million to Genesis, meeting all currently owed obligations.”

Furthermore, DCG CEO Barry Silbert emphasized that these debt obligations were met despite the difficult conditions of the crypto market in 2023.

“We have now paid off more than $1 billion in debt, including $700 million, despite the challenges the industry is facing,” Silbert explained.

I am happy to share that @DCGco completed the full payment of the money borrowed from Genesis

We have now paid off over $1 bn of debt, including this ~$700 mm, despite the turbulence facing the industry.

I am excited about the next chapter of the industry and DCG’s leadership role in it https://t.co/Jlbu3Zs7Xl

— Barry Silbert (@BarrySilbert) January 5, 2024

In November 2023, Cointelegraph reported that DCG had agreed to pay off all outstanding loans to Genesis by April 2024.

The proposed deal was an attempt to allow Genesis to drop a lawsuit filed in September against DCG that demanded the company repay about $620 million in bad loans.

Genesis filed for bankruptcy in January 2023 after stopping all payments in November 2022.

The company owed more than $3.5 billion to its top 50 creditors, including companies like Gemini and VanEck’s New Financial Income Fund.