Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, has no exposure to Genesis’s lending business and Gemini Trust Co.’s Earn program, it said in a statement.
(Bloomberg) — Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, has no exposure to Genesis’s lending business and Gemini Trust Co.’s Earn program, it said in a statement.
“Galaxy continues to manage risk prudently and remains well-positioned to help clients navigate the current market environment,” a spokesman for the firm said.
The fallout from the rapid collapse of Sam Bankman-Fried’s FTX is spreading across the crypto world. Genesis is suspending redemptions and new loan originations at its lending business after the unit faced withdrawal requests that exceeded current liquidity. Gemini Trust, founded by Cameron and Tyler Winklevoss, subsequently announced its yield product for retail investors will also halt redemptions as Genesis was a key partner in the program.
Galaxy earlier disclosed $76.8 million of exposure to FTX.com.
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