Genesis Clients,
We thank you for your patience over the last week and want to share an update on where we stand with our lending business.
I am proud of the efforts of our team over the past week to make progress toward a resolution. We've begun discussions with potential investors and our largest creditors and borrowers, including Gemini and DCG, to agree on a solution that shores up our lending business' overall liquidity and addresses clients' needs. We expect to expand these conversations in the coming days. At the core of these talks is serving you and preserving your assets.
To fast-track these discussions, we have hired Moelis & Company, an independent investment banking partner, to evaluate the best possible asset preservation strategy and effectuate a roadmap. This will ultimately help us progress in an accelerated fashion as our team continues to identify the most viable solutions for our lending business and client assets.
To reiterate, other Genesis entities remain fully operational, including our spot and derivatives trading, and custody businesses. We continue to support our clients 24/7 globally to help them manage their risk and execute on their investment strategies.
We have experienced incredible support from you, our clients, and appreciate the ideas, opportunities, and flexibility you have offered to us on an individual basis. At this time, it is in all our partners' best interest that we continue to focus on a universal solution for Genesis' lending business.
I know how challenging it can be to sit back and be patient, but we ask this of you, as our partners, so that our team can remain focused on the overall business plan.
Thank you for the opportunity to continue to serve your financial needs. We look forward to providing you with timely updates on the lending business as we move through this process.
Regards,
Derar Islim
Interim CEO, Genesis