“Can a crypto lending and prime brokerage platform survive when its institutional counterparties collapse simultaneously?”
Genesis operated as a major crypto lending and trading platform under parent company Digital Currency Group. The firm's lending book became severely impaired in mid-2022 due to losses from Three Arrows Capital's collapse, and was further destabilised by the FTX implosion in November 2022, leading to a suspension of withdrawals. Genesis filed for Chapter 11 bankruptcy in early 2023. Its embedded finance footprint — primarily crypto lending and FX prime brokerage — was relevant during its operating years but became largely moot post-bankruptcy.
Genesis is headquartered in New York, NY, USA.
Get a read on where your own stack stands against Genesis and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.