Digital Currency Group (DCG), the world's largest digital asset company, announced the completion of a major milestone.
The company has paid off more than $1 billion in debt to creditors in just over a year, including nearly $700 million owed to Genesis.
The payment marks the end of all short-term loans from Genesis that previously caused the crisis. In the statement made by the company, it was said: “As DCG, we are pleased to announce that we have completed the repayment of all short-term loans we received from Genesis.”
DCG CEO Barry Silbert expressed his excitement about the company's success and the future of the industry. “I am happy to share that DCG has paid off the debt it received from Genesis in full,” Silbert said and added:
“Despite the challenges facing the industry, we have repaid over $1 billion in debt, including this $700 million. “I am excited about the industry's next era and DCG's leadership role in it.”
Genesis company is also part of the Digital Currency Group, and Genesis is known for going bankrupt because it could not pay its debt to the cryptocurrency exchange Gemini. Customers in Gemini's earnings program called Earn cannot withdraw their money due to being credited to Genesis.
*This is not investment advice.
