{"id":70225,"date":"2022-11-17T13:25:37","date_gmt":"2022-11-17T11:25:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70225"},"modified":"2025-09-08T00:50:30","modified_gmt":"2025-09-07T21:50:30","slug":"b2c2-plans-to-acquire-genesis-global-capital-loan-portfolio","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/b2c2-plans-to-acquire-genesis-global-capital-loan-portfolio\/","title":{"rendered":"B2C2 plans to acquire Genesis Global Capital loan portfolio"},"content":{"rendered":"<p>The cryptocurrency <span data-descr=\\\"over-the-counter trading\\\" class=\\\"old_tooltip\\\">OTC<\/span>-platform B2C2 plans to acquire a loan portfolio worth about $2.8 billion from its financially distressed rival Genesis Global Capital.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">I didn\u2019t have Genesis on my bingo card. Wow. That leaves very few players in the OTC market\u2026<a href=\\\"https:\/\/twitter.com\/B2C2Group?ref_src=twsrc%5Etfw\\\">@B2C2Group<\/a> wishes to extend an offer to purchase loans from <a href=\\\"https:\/\/twitter.com\/GenesisTrading?ref_src=twsrc%5Etfw\\\">@GenesisTrading<\/a>\u2018s book to alleviate the current liquidity shortfall.<\/p>\n<p>\u2014 Max Boonen (@maxboonen) <a href=\\\"https:\/\/twitter.com\/maxboonen\/status\/1592873288157777922?ref_src=twsrc%5Etfw\\\">November 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cGenesis wasn&#8217;t in my bingo card. Wow. That leaves very few players left in the OTC market\u2026 B2C2 intends to make an offer to purchase loans to alleviate Genesis&#8217;s current liquidity shortfall,\u201d wrote Max Boonen, founder of the platform.<\/p>\n<\/blockquote>\n<p>He told <a href=\\\"https:\/\/blockworks.co\/news\/b2c2-proposes-buying-genesis-debt\/\\\">Blockworks<\/a> that he expects the potential deal to close within a week. He said representatives from the companies had already held consultations. Boonen declined to name a possible purchase amount, saying that he had yet to review Genesis&#8217;s balance sheet.\u00a0\u00a0<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe\u2019re not doing this out of altruism. We think there\u2019s real money to be made,\u201d he added.<\/p>\n<\/blockquote>\n<p>B2C2 clarified that the loans to be purchased must meet the platform&#8217;s risk-management framework.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThe company can support the market more broadly by working with Genesis and its counterparties to novate existing loans,\u201d said B2C2.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">The company is in a position to support the wider market by offering to work with Genesis and their counterparties to novate existing loans at Genesis Global Capital to B2C2. Loans will have to fall within our established risk management framework to qualify.<\/p>\n<p>\u2014 B2C2 (@B2C2Group) <a href=\\\"https:\/\/twitter.com\/B2C2Group\/status\/1592905020777050112?ref_src=twsrc%5Etfw\\\">November 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to <a href=\\\"https:\/\/blockworks.co\/news\/binance-could-acquire-genesis-loan-book\/\\\">Blockworks<\/a>, Binance founder and CEO Changpeng Zhao is also interested in acquiring Genesis&#8217;s loan portfolio. The publication&#8217;s source said the exchange chief has already asked for additional information about the OTC platform&#8217;s financial state.<\/p>\n<p>According to another source, Genesis&#8217;s parent company\u2014Digital Currency Group (DCG)\u2014is unlikely to consider offers below $2 billion.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/genesis-global-capital-suspends-crypto-lending-operations\">Genesis paused withdrawals<\/a> and the issuance of new loans. This occurred amid heightened inquiries from clients after the collapse of FTX.<\/p>\n<p>Subsequently, the Winklevoss twins&#8217; Gemini exchange announced a five-day pause on payments under the Earn lending program. Genesis is a lending partner for this company\u2019s lending product.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">1\/6 We are aware that Genesis Global Capital, LLC (Genesis) \u2014 the lending partner of the Earn program \u2014 has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. <a href=\\\"https:\/\/t.co\/9e48pF3Ymn\\\">https:\/\/t.co\/9e48pF3Ymn<\/a><\/p>\n<p>\u2014 Gemini (@Gemini) <a href=\\\"https:\/\/twitter.com\/Gemini\/status\/1592873279232278532?ref_src=twsrc%5Etfw\\\">November 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Thereafter, Tether, the issuer of the USDT stablecoin, said it is absolutely not linked to Genesis or Gemini Earn.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Tether Confirms Zero Exposure To Genesis<a href=\\\"https:\/\/t.co\/KHEx2HWoJ1\\\">https:\/\/t.co\/KHEx2HWoJ1<\/a><\/p>\n<p>\u2014 Tether (@Tether_to) <a href=\\\"https:\/\/twitter.com\/Tether_to\/status\/1592904537081319424?ref_src=twsrc%5Etfw\\\">November 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cUSDT is 100% backed by reserves, the assets of which exceed the commitments. Tether owns a strong, conservative and liquid portfolio consisting of cash, their equivalents and U.S. Treasury obligations,\u201d the report says.<\/p>\n<\/blockquote>\n<p>The operator of the USDC stablecoin, Circle, confirmed that Genesis is a counterparty to the Yield product. As of November 16, the outstanding client debt balance stood at $2.6 million. The firm said that loan remaining have a &#8220;over-collateralized&#8221; cushion.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cCircle guarantees that the loans are protected from potential losses,\u201d the company said.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">2\/ Outstanding loan balances remain overcollateralized, and Circle will ensure loans remain protected from potential losses.<\/p>\n<p>\u2014 Circle (@circle) <a href=\\\"https:\/\/twitter.com\/circle\/status\/1592940644586360832?ref_src=twsrc%5Etfw\\\">November 16, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Earlier in July, the <a href=\"https:\/\/forklog.com\/en\/news\/british-virgin-islands-court-orders-liquidation-of-three-arrows-capital\">bankrupt<\/a> cryptocurrency hedge fund Three Arrows Capital <a href=\"https:\/\/forklog.com\/en\/news\/three-arrows-capital-owes-genesis-a-cryptocurrency-otc-platform-2-36-billion\">owed Genesis $2.36 billion<\/a>. DCG then provided support to its subsidiary by taking on certain obligations.<\/p>\n<p>In November Genesis said that on the <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">collapsed<\/a> FTX <a href=\"https:\/\/forklog.com\/en\/news\/experts-estimate-the-scale-of-crypto-funds-losses-after-the-ftx-collapse\">blocked around $175 million<\/a> of its derivatives division.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency OTC platform B2C2 plans to acquire a loan portfolio worth about $2.8 billion from the financially distressed rival Genesis Trading.<\/p>\n","protected":false},"author":1,"featured_media":70226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2066,83,1380],"class_list":["post-70225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-b2c2","tag-business","tag-genesis-global-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70225"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70225\/revisions"}],"predecessor-version":[{"id":70227,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70225\/revisions\/70227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70226"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}