Genesis Partners With Algorand to Expand Its Lending Offering
- Crypto brokerage firm Genesis announced support for USD Coin (USDC) and ALGO on Algorand.
- The company will deploy its holdings across Algorand’s ecosystem to expand its digital asset lending offering.
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In a press release published on 3 August, Genesis announced support for USD Coin (USDC) and ALGO on Algorand. The company will deploy its USDC and ALGO holdings across Algorand’s DeFi ecosystem, enabling its customers to borrow, lend, and use the tokens as collateral.
Matt Ballensweig, the Head of Institutional Lending at Genesis, said that the growth and adoption of stablecoins have played a big role for the company over the last year. Algorand’s technology has the potential to help Genesis become a significant player in the digital currency lending market, he explained in the company’s release.
“Genesis’s offering, combined with Algorand’s robust ecosystem and technological capabilities, will introduce new efficiencies to clients, and further strengthen the bridge between DeFi and traditional financial applications,” said W. Sean Ford, the COO of Algorand.
Algorand’s pure-proof-of-stake (PPoS) protocol eliminates the cost and efficiency challenges stablecoin traders and developers encounter on other networks such as Ethereum. Algorand enables users to transact using USDC at a faster and much more affordable rate than on other networks and is currently used by more than 700 organizations in the world.
- The digital ID project said Orb Operators received USDC payments as part of the project’s transitional phase after launch, and now that it is nearing its end Worldcoin will be switching to WLD payments.
- Worldcoin warned Orb Operators to check if they can claim rewards in their region as WLD are not available in the United States and “certain other restricted territories”.
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- An investigation from the New York Attorney General’s office has allegedly found that Gemini was aware of Genesis’ weak financial position, but still lied to investors.
- The lawsuit is looking to ban DCG, Genesis, and Gemini from the New York financial industry, seek restitutions for investments, and the return of “ill-gotten gains”.
- Bankrupt crypto lender Genesis is trying to recover around $500 million from DCG, and another 4,550.5 BTC from DCGI, which it had loaned to the two companies in 2022.
- Both DCG and DCGI requested that the debts were converted to open loans on 9 May, but Genesis declined both offers and demanded the repayment of the loans with interest.