Crypto currency investors are experiencing quite volatile moments and the price of Bitcoin could clearly reflect this in the coming hours. Good developments are coming one after another. The latest news was about ETFs. Then DCG announced significant good news.
DCG Pays Off All Its Debt
DCG, which owed hundreds of millions of dollars to Genesis, was experiencing difficult legal and financial times. This was an issue that needed to be resolved before Grayscale received its first ETF approval. It was resolved, and shortly after the resignation of top executives, DCG paid off all its debt to Genesis. As a result, the crypto lending firm Genesis could recover from the liquidity problems it faced during the market crash and pay off its debt to Gemini. We might also see the end of the ongoing court cases.
The announcement that ended the major crypto FUD stated the following;
“We have completed the payments of all short-term loans owed to Genesis. We are pleased to announce this. In total, DCG has paid approximately 1 billion dollars, including about 700 million dollars in debt to Genesis. We have fulfilled all our obligations. We look forward to the future growth of the industry with this turning point behind us. As always, we will continue to fulfill our financial commitments.”
