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🚨.@GenesisTrading laid off 30% of its employees and is "considering" filing for bankruptcy according to @WSJ.

wsj.com/amp/articles/c…

1. How did genesis end up here?
2. How does this gonna affect the market and why should you care?

A explain thread.
👇
Now, Who is #Genesis?

Genesis "was" a leading CeFi platform that provides mainly lending services for institutions.

A lending platform usually borrows money from one side and lends the borrowed money to the other side to profit from the interest gap.

That's what CeFi does.
But #Genesis is not independent, it is under the control of @DCGco and @BarrySilbert.

#GrayScale is also part of the group.

That's why you see @cameron battling Barry on CT with an open letter.
Read 21 tweets

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