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Cryptocurrency Lending: Genesis Executives Get Early Access to FTX Cryptocurrencies

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According to reports, people familiar with the matter disclosed that senior executives of Genesis, a cryptolending institution, have the privilege to obtain cryptocurrencies suppor

Cryptocurrency Lending: Genesis Executives Get Early Access to FTX Cryptocurrencies

According to reports, people familiar with the matter disclosed that senior executives of Genesis, a cryptolending institution, have the privilege to obtain cryptocurrencies supported by FTX in advance. That is, before FTT and Serum (launched in 2020 with the support of FTX and Alameda) are released to the public, SBF, the founder of FTX, sells them to Genesis senior executives at a discount price. According to people familiar with the matter, the FTT and Serum tokens, as well as Solana, have also been accepted by Genesis as collateral for Alameda’s mortgage to secure its borrowings.

Insider: Genesis executives purchased FTX supported cryptocurrencies in advance with privileges

Overview

In this article, we delve into reports that revealed senior executives of Genesis, a cryptolending institution, have the privilege to obtain cryptocurrencies supported by FTX in advance. This means that before FTX launches FTT and Serum to the public, SBF, the founder of FTX, sells them to Genesis senior executives at a discount price. Furthermore, the article discusses the acceptance of FTT and Serum tokens, as well as Solana, as collateral for Alameda’s mortgage to secure its borrowings.

Understanding Genesis

Genesis is a leading cryptocurrency lending institution that offers bespoke, institutional-grade lending and trading services. The firm specializes in digital currency loans, derivatives, and markets. Genesis is part of the DCG Group, which is a digital asset-focused conglomerate.

Cryptocurrency Lending and FTX

Cryptocurrency lending is an exciting, new sector that is quickly gaining traction. It involves the provision of digital currencies in exchange for interest, as opposed to the traditional loaning of fiat currency. Genesis’ partnership with FTX is part of the institution’s growth in this sector. According to reports, Genesis has become a major market participant in the cryptocurrency lending sector, with significant volumes of digital assets lent to institutional clients.

Genesis Executives Get Early Access to FTX Cryptocurrencies

Reports reveal that senior executives of Genesis have been given the privilege to obtain cryptocurrencies supported by FTX in advance. The move allows Genesis executives to acquire FTT and Serum tokens before they are publicly launched on the FTX platform, at a discount.
The reports further state that SBF, the founder of FTX, has been selling these tokens to Genesis executives. This arrangement is indicative of a strong partnership between Genesis and FTX. It is imperative to note that such partnerships between cryptocurrency lending institutions and exchanges – where access is provided to digital assets at discounted rates – are not uncommon in the industry.

FTT and Serum Tokens Accepted as Collateral

As previously mentioned, FTT and Serum tokens have also been accepted by Genesis as collateral for Alameda’s mortgage to secure borrowings. Alameda is an affiliate of FTX that focuses on quantitative trading in crypto markets. According to reports, Alameda’s mortgage was worth millions of dollars.
Moreover, Genesis’ decision to accept FTT and Serum tokens as collateral is indicative of growing confidence in these digital assets. This move is a positive indication of the cryptocurrency industry’s overall growth and adoption.

Conclusion

Cryptocurrency lending is increasingly becoming a sought-after service in the industry. Genesis’ partnership with FTX represents the growth and continued evolution of this sector. The reports of Genesis executives obtaining cryptocurrencies supported by FTX in advance is indicative of a strong partnership between the two institutions. The acceptance of FTT and Serum tokens as collateral for Alameda’s mortgage further solidifies the growing confidence in these digital assets.

FAQs

Q: What is Genesis?
A: Genesis is a leading cryptocurrency lending institution that offers bespoke, institutional-grade lending and trading services.
Q: Why are FTT and Serum tokens so valuable?
A: FTT and Serum tokens are valuable because they are digital assets that are being adopted and accepted as collateral by leading players in the cryptocurrency industry.
Q: What does Genesis and FTX’s partnership mean for the cryptocurrency industry?
A: Genesis and FTX’s partnership represents the growth and continued evolution of the cryptocurrency industry. It is indicative of increased adoption and acceptance of digital assets.

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