(Reuters) – Crypto broker Genesis owes creditors more than $3 billion, prompting its owner Digital Currency Group (DCG) to explore selling assets in its venture portfolio to raise money, the Financial Times reported on Thursday, citing people familiar with the matter.
DCG is considering offloading parts of its venture capital holdings, which include 200 crypto-related projects such as exchanges, banks and custodians in at least 35 countries, and are worth about $500 million, the report added.
Genesis and DCG did not immediately respond to Reuters requests for comment.
Several crypto companies have lately been under pressure trying to navigate unprecedented industry-wide turmoil amid waning investor appetite for digital assets after major exchange FTX blew up late last year.
Earlier this month, Genesis – which brokers digital assets for financial institutions like hedge funds and asset managers -cut 30% of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter.
Meanwhile, its parent DCG saw calls from Cameron Winklevoss, co-founder of crypto exchange Gemini, for the removal of DCG’s chief executive officer, Barry Silbert, earlier this week amid tensions between the high-profile executives.
Stamford, Connecticut-based DCG is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale.
(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber)
