Venture capital firm Digital Currency Group (DCG) announced it has cleared all of its short-term loans currently due to the now-defunct crypto lending platform Genesis.
In a statement released on Jan. 6 on X (formerly Twitter), DCG confirmed that it is up-to-date on its financial obligations, including paying approximately $700 million to Genesis as part of the over $1 billion paid to creditors in the past year.
“DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due.”
Furthermore, DCG CEO Barry Silbert highlighted that these debt commitments were fulfilled despite the challenging conditions in the crypto market throughout 2023.
“We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry,” Silbert stated.
I’m happy to share that @DCGco completed a full pay down of the money borrowed from Genesis
— Barry Silbert (@BarrySilbert) January 5, 2024
We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry
I'm excited about the industry's next chapter and DCG’s leadership role in it https://t.co/Jlbu3Zs7Xl
Related: Digital Currency Group files motion to dismiss Gemini lawsuit, claiming it’s a PR campaign
In November 2023, Cointelegraph reported that DCG agreed repay all outstanding loans to Genesis by April 2024.
The proposed deal was an effort to allow Genesis to end a lawsuit against DCG filed in September that sought to have the firm repay overdue loans worth around $620 million.
Genesis filed for bankruptcy in January 2023 after suspending withdrawals in November 2022.
The company owed over $3.5 billion to its top 50 creditors, including firms like Gemini and VanEck’s New Finance Income Fund.