Genesis, a division of the Digital Currency Group, has asked its clients to be patient as it enters 2023. Derar Islim, the interim CEO, told clients in a letter he sent out on Tuesday that every effort is being made to find a workable solution to issues with the company’s loan division.
The letter emphasized that Genesis’ trading businesses are still open for business and that it is committed to keeping its clients satisfied. The CEO also cited several advisers chosen by various client organizations that are collaborating with DCG to assess options that might protect client assets.
At the same time, Islim made it clear that fixing this problem is a difficult undertaking that can take longer than expected. According to Islim, Genesis is moving forward with new initiatives meant to save expenses and increase efficiency across all business lines.
In regards to the blocked assets connected to Gemini Earn, Gemini co-founder Cameron Winklevoss recently accused DCG CEO Barry Silvert of utilizing “bad faith stalling tactics.”
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