Market Maker B2C2 wants to be there at Discount Genesis Debt

Market Maker B2C2 wants to be there at Discount Genesis Debt

The crypto credit department of Genesis has suspended the repayment of loans of more than $ 2 billion in New York this morning. And the lender B2C2 is already trying to benefit from the company's misery.

It is not yet clear whether the liquidity problems of Genesis are temporary, but B2C2 has already thrown its hat in the ring to buy the loans from Genesis at reduced prices.

MAX BOONE, founder of the digital asset liquidity provider B2C2, angeboten die Kredite von Genesis zu kaufen, kurz nachdem die Nachrichten über die Rückzahlungen des Unternehmens bekannt wurden.

BOONEN said Blockworks said that he would expect a potential deal within the week, and B2C2 search for high -quality, short -term loans of six months. There is still no word of Genesis about your preferred term - or whether you would drive a deal at all - but representatives of the company have already held preliminary talks with boons, he said.

BOONEN refused to comment on concrete numbers for a possible deal, and said he had never seen the balance of Genesis.

Alameda Research-the asset manager of the former FTX CEO Sam Bankman-Fried-belonged to a small group of crypto marketmakers. Apart from Genesis, only a few spot market makers would remain, including Cumberland, Wintermute and B2C2.

ftx closed after the collapse of Terra and Three Arrows Capital with Bankman-Fried. href = "https://twitter.com/sbf_ftx/status/15381385464577?s=20&t=tpgwafxfy_-hfw96ae9tjg"> Appeal Boons does not see a possible loan contract with Genesis in the same light.

"We don't do this from an altruistic impulse," said Booned. "We believe that you can actually earn money" by acquiring discounted loans and strengthening B2C2's reputation.

A sale of assets between two of the largest market maker in crypto would quickly provide Genesis liquid means to avoid bankruptcy. Binance also consider the purchase of genesis loans, reported block works.

genesis “it seems to avoid at all costs [Bankruptcy]”, said a source familiar with the matter and added that the gambit would be risky and expensive. The source was granted anonymity to discuss sensitive business relationships.

A spokesman for Genesis did not immediately answer a request for comment.

Whether genesis can only reach the nominal value with its assets, depends on whether it can stay above water.

"If [Galaxy IS] actually insolvent, the loans from their lenders would be worth a few cents on the dollar," said Boons.

Michael Bodley contributed to reporting.

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The contribution Market Maker B2C2 Wants in On Discount Genesis DeBt is not a financial advice.