The effects of the bear market continue to bring losses to many, be it investors or companies. The newest victim on the block is Digital Currency Grou
p’s Genesis. While the lending platform was already bankrupt as of January this year, the firm is now shuttering all crypto services.Genesis comes to an end
The spokesperson noted that the decision was made voluntarily by the company and cited “business reasons” as the cause behind it. The crypto market has been pretty bleak over the past couple of months and has resulted in losses across the board. This got to many traders and investors, but Genesis is emerging as the first major platform to be affected.
Soon after, in January this year, the lending firm announced that it was filing for bankruptcy. The spot and derivative trading front of Genesis was untouched during the bankruptcy process; however, the terrible market conditions resulted in the shuttering of the trading services as well.
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