What Genesis's Bankruptcy Means for the Industry

Crypto lender Genesis has filed for bankruptcy. For many observers in crypto, this wasn't entirely unexpected, not least because the company itself had been warning that it was staring down a liquidity crisis and trying to raise money. Over the past couple of weeks, Barry Silbert, who is the CEO of the Genesis parent company known as Digital Currency Group, has been in a very public and kind of increasingly nasty online dispute with some fellow billionaires, the co-founders of the Gemini Crypto Exchange, Tyler and Cameron Winklevoss. At the heart of this dispute is around $900 million worth of funds that customers of these two entities have lost access to. Bloomberg editor Anna Irrera and reporter Emily Nicolle join the show to discuss what Genesis was, why it was so important to the crypto ecosystem and what its relationship is with Gemini. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletterSee omnystudio.com/listener for privacy information.