Winklevoss called today’s agreement a critical step toward a substantial recovery of assets for all Genesis creditors. At the time of the filing, the company cited the collapse of Three Arrow Capital and FTX as events that led to the company filing for bankruptcy.įederal regulators in the United States subsequently opened an investigation into the Gemini Earn program, with the SEC charging Gemini with violating securities laws. On January 19, the crypto brokerage firm filed for chapter 11 bankruptcy, joining a growing list of companies to collapse since the spring of 2022. Genesis halted withdrawals in November 2022, leading users and Winklevoss to threaten legal action against the company and DCG founder Barry Silbert, demanding that Genesis offer a plan for repaying the $900 million loan Gemini made to the now-bankrupt Genesis Global. Gemini Exchange is a cryptocurrency trading service that combines an exchange, a fiduciary custodial service for digital assets, and an advanced trading platform. Genesis was the primary partner for the service. Gemini and Genesis have been locked in a public battle over the Gemini earn program, which allowed users to deposit their cryptocurrencies and receive yields of between 0.45% and 8% interest, similar to a bank account. Gemini will contribute up to $100 million more for Earn users, and according to a press release sent to Decrypt, the terms of the agreement with DCG includes the sale of Genesis Global Trading.įurther, DCG will exchange its existing $1.1 billion note due in 2032 for convertible preferred stock, and refinance its existing 2023 term loans in two tranches made payable to creditors with an aggregate total value of approximately $500 million. "This agreement was announced in Bankruptcy Court today." ![]() Employing reliable, consistent and frequent crypto signals with an exchange. ![]() jurisdiction.“Today, reached an agreement in principle with Genesis Global Capital, LLC (Genesis), and other creditors on a plan that provides a path for Earn users to recover their assets," Winklevoss tweeted. Low trading fees Gemini aims to keep its fee threshold as low as possible. Gemini, earlier in May, also launched a derivatives platform for trading perpetual futures, outside the U.S. Gemini is a crypto exchange offering 90+ cryptocurrencies, a native stablecoin and derivative trading via perpetual swaps. While they are not sharing the actual revenue numbers, they say the largest segment comes from the Gemini cryptocurrency exchange, which charges active traders 0.6 for transactions less than. It did not say when they expect to start operating in the UAE.ĭigital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX and companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States. "By applying for a license, we will be taking another step towards making Gemini a truly global company," the exchange said in a blog post. Gemini is the rare crypto exchange thats equally suitable for beginners and advanced crypto investors. Its push in the UAE comes as the nation is trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region. ![]() Gemini, founded by cryptocurrency pioneers and identical twins Cameron and Tyler Winklevoss, is aiming for the "adoption of crypto globally across 20 countries." June 1 (Reuters) - Gemini will "soon" start the process of buying a crypto license to operate in the United Arab Emirates, and the team has met stakeholders throughout the region to learn more about local regulatory requirements, the crypto exchange said late on Wednesday.
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