Gemini Terminates Relationship with DCG’s Genesis Global Trading, Lumida CEO Weighs In

• Gemini, a crypto exchange owned by the Winklevoss twins, has terminated a key aspect of their relationship with Digital Currency Group’s (DCG) Genesis Global Trading.
• Barry Silbert, the head of DCG, has given his shareholders more details about their company’s Genesis Capital lending division which was forced to halt customer withdrawals in the aftermath of FTX’s November collapse.
• Lumida CEO and co-founder Ram Ahluwalia has weighed in on the latest tensions between DCG and Gemini.

Crypto exchange Gemini, owned by the Winklevoss twins, has recently escalated its dispute with Digital Currency Group’s (DCG) Genesis Global Trading – its partner on a crypto lending product pitched to smaller investors. The twins have terminated a key aspect of their relationship with the company, following DCG’s Genesis Capital lending division being forced to halt customer withdrawals in the aftermath of FTX’s November collapse.

In a letter to DCG investors, Barry Silbert – the head of DCG – has provided more details about their company’s Genesis Capital lending division. Silbert noted that the organization was “among the first to recognize the risk of counterparty exposure to FTX” and immediately moved to limit their exposure. He explained that despite the halt on customer withdrawals, DCG had not experienced any losses from its exposure to FTX.

Lumida CEO and co-founder Ram Ahluwalia has weighed in on the latest tensions between DCG and Gemini. He noted that while the dispute was unfortunate, it highlighted the need for more transparency in the crypto lending space. He urged both parties to make sure that customers were kept informed of the situation, and to explore ways to resolve the situation in the best interests of their customers.

Silbert concluded his letter by reiterating his commitment to the DCG family of companies and to their customers. He noted that he was “proud of the team at Genesis for taking the steps necessary to protect our customers’ assets and look forward to continuing to work with our partners to provide the best possible experience in the crypto markets.”