Genesis And Gemini Seemingly Mend Fences As $100 Million Agreement Gets Finalized
An agreement was recently announced between popular crypto exchange Gemini, Genesis Global Capital, LLC (Genesis), and Digital Currency Group (DCG) which brings Gemini Earn users one step closer to reclaiming their funds. Cameron Winklevoss, Co-Founder of Gemini, disclosed the agreement on Twitter.
Genesis halted withdrawals in November 2022 after being embroiled in a public battle over the Earn program, prompting users and Cameron himself to threaten legal action against both the company and DCG founder Barry Silbert. They demanded that Genesis provide a concrete plan for repaying the $900 million loan Gemini made to Genesis Global, which has since gone bankrupt.
As per the agreement, Gemini shall therefore contribute a maximum of $100 million for Earn users, and the terms of the agreement with DCG reportedly also include the sale of Genesis Global Trading.
Additionally, DCG will convert its existing $1 billion note due in 2032 into convertible preferred stock as well as refinance its existing 2023 term loans in two tranches that would be made payable to creditors totaling just about $500 million.
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