Genesis
Opinion: Digital Currency Group’s Genesis implosion: What comes next?
It looks as if the bear cycle is going to claim another high-profile crypto company. On Jan. 19, Digital Currency Group’s (DCG’s) lending subsidiary, Genesis, filed for Chapter 11 bankruptcy. Here we have yet another industry giant with a tale of incestuous lending, little risk management to speak of and opaque reporting policies. For market participants, the gathering storm clouds at DCG represent a failure that would have been unthinkable in 2021. Founded by CEO Barry Silbert in 2015, DCG has become a mainstay in crypto’s short existence. Genesis’ filing revealed the full extent of creditors affected by its implosion, which notably included Gemini, the crypto exchange created by Winklevoss twins Cameron and Tyler, to which Genesis said it owed $765 million; metaverse project Decent...
Digital Currency Group halts dividends in an effort to preserve liquidity
Venture capital firm Digital Currency Group (DCG) has told shareholders it is halting its quarterly dividend payments until further notice as it attempts to preserve liquidity. According to the letter sent to shareholders on Jan. 17, the firm is focused on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.” DCG said it was also considering selling some of the assets within its portfolio. Its financial issues are derived from the woes of a subsidiary, crypto broker Genesis Global Trading, which reportedly owes creditors more than $3 billion. Customers are currently unable to withdraw funds from Genesis after it halted withdrawals on Nov. 16, which has prompted Cameron Winklevoss — on behalf of his exchange Gemini and its users with fund...
Genesis calls in restructuring expert in its fight to avoid bankruptcy
Cryptocurrency lending firm Genesis Global Capital has reportedly hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. It is understood that the firm has hired investment bank Moelis & Company to explore options, while people familiar with the situation have stressed that no financial decisions have been made and that it is still possible for the company to avoid a bankruptcy filing, according to a New York Times report on Nov. 22. Interestingly, Moelis & Company was also one of the firms engaged by Voyager Digital after it suspended withdrawals and deposits on Jul. 1 in order to explore “strategic alternatives.” Days later, Voyager Digital filed for Chapter 11 bankruptcy in the Southern District Court of N...
World’s First Car-Powered DJ Set to Be Fueled Entirely From Electric Vehicle Battery
Luxury automaker Genesis Motor is jumpstarting the DJ booth for a night powered completely by the battery of their electric SUV, the GV60. Genesis is pulling up to power the global livestream set, which will be free to all viewers. The Korean automaker is teaming up with Grammy-nominated DJ and dance music producer Jayda G to soundtrack the night. She’ll be supported by Korean artist Didi Han. While the idea to create a full-fledged nightlife experience powered entirely by a car battery would ordinarily seem unlikely to succeed, Genesis’ GV60 is well-equipped for the effort. The vehicle’s proprietary vehicle-to-load technology allows the car to channel its energy towards powering outside devices. The car will be doing some heavy lifting, but for perspectiv...
Genesis denies ‘imminent’ plans to file for bankruptcy
Cryptocurrency lending company Genesis has refuted speculation that it is planning an “imminent” bankruptcy filing should it fail to cover a $1 billion shortfall caused by the fall of crypto exchange FTX. The firm has reportedly faced difficulties raising money for its lending unit and told investors it would have to file for bankruptcy, according to a Nov. 21 Bloomberg report citing people familiar with the matter. A spokesperson for Genesis told Cointelegraph that there were no plans to file for bankruptcy “imminently” and that it continued to have “constructive” discussions with creditors. “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. G...
Nifty News: Celebs lose big on BAYC, Meghan and Harry building a metaverse, and more.
Celebrities facing huge losses from BAYC NFTs The hype behind the Bored Ape Yacht Club (BAYC) over the last year resulted in many celebrities investing in the Ethereum-based nonfungible token (NFT) collection with many, such as singer Justin Bieber, paying top dollar. Bieber paid 500 Ether (ETH) for BAYC #3001 on Jan. 29, which at the time was valued at around $1.28 million, while the current top offer on the NFT cracks just over $69,500. According to data from NFT Price Floor, the floor price for the collection has fallen considerably since it peaked at 144.9 ETH on May. 1 this year, which at the time was worth around $396,760, to a current low of 48 ETH, valued at $58,589 at the time of writing. Many other celebs also rode the wave of hype that saw the Yuga Labs made NFTs become a “blue ...
Phil Collins Catalog Sale Deal in the Works Now Includes Genesis Rights Too
A package of Genesis, Phil Collins and possibly Mike + the Mechanics music assets are said to be in the final deal stages, according to sources, but the name of the potential buyer is not yet known to Billboard. Explore See latest videos, charts and news See latest videos, charts and news Previously, Billboard reported that a package of Collins’ rights had been shopped for upwards of $200 million, according to sources. That package, sources says, has now morphed into a bigger deal that also includes all of the publishing for Genesis and possibly even Mike + the Mechanics, as well as their master recordings rights. Specifically, sources say the deal encompasses the artist’s share of the master recordings and publishing. In the case of Collins, that means a combination of artist royalties fo...
‘Everything’s on sale’: Reddit founder, Galaxy and Genesis execs raise big money
Reddit co-founder Alexis Ohanian’s venture capital (VC) firm Seven Seven Six (776) is looking to raise a crypto investment fund worth $177.6 million, while current and former executives from Galaxy Digital and Genesis are raising a $500 million fund of their own. 776’s crypto play According to an Aug. 29 report from The Information, 776’s fund “Kryptos” will launch in October to capitalize on the current bear market. It emphasized there are currently some bargain bin token discounts on the market that are ripe for the taking. “This is the best time to buy if you’re really long on the industry. It’s on sale. Everything is on sale,” said Katelin Holloway, Founding Partner at Seven Seven Six. The firm registered with the Securities and Exchange Commission (SEC) to become an investment advisor...
The 50 Best Albums of 1972
Last year, when helping assemble SPIN‘s 50 Best Albums of 1971, I wondered if that year could have been popular music’s absolute peak. Now I’m asking myself that same question all over again. As I built a spreadsheet for 1972, gathering our writers’ votes alongside my own weird choices, I was once again struck by how many bronze-cast classics came out that year: LPs from David Bowie, Al Green, Aretha Franklin, The Allman Brothers Band, Yes, Stevie Wonder, Roxy Music, and on and on. Run down basically every genre – glam, soul, prog, art rock, Southern rock, metal, folk, MPB — and you’ll find the very best shit, whether eternally famous or sadly obscure. (My poor spreadsheet, swelling each day, originally had hundreds of worthy records. But you have to start chopping eventually.) Here’s wher...
Peter Gabriel Attends Final Genesis Show
Last night marked the last time Phil Collins, Mike Rutherford and Tony Banks would take the stage together as Genesis. “Tonight is a very special night. It’s the last stop of our tour, and it’s the last show for Genesis,” Collins said during the set. “After tonight, we’ll all have to get real jobs.” While the concert was memorable for obvious reasons, there was also a special guest in attendance at London’s O2 Arena: Peter Gabriel. Collins announced to the crowd that the band’s former singer was in the audience. “Maybe he’s the one shouting for ‘Supper’s Ready’ — I don’t know!” he quipped. Genesis formed in 1967 and Gabriel announced his departure, to the shock of fans, in 1975. See footage from the final performance and check out the setlist below. [embedded content][embedded content] [em...
Our 21 Favorite Concerts of 2021
Ah, 2021 — the year live music (mostly) roared back. After 18 months of livestream drudgery, it felt like unicorns dancing on a rainbow every time someone so much as plugged in a guitar. It was a year of “post-vax concert stories,” where every show was a hard-won reunion, a triumphant homecoming, and a victory all at once. Strangest of all, it was the year when we found ourselves getting misty just being able to look out at a crowd, marveling at the gift of singing shoulder-to-shoulder with someone other than our cats. Okay, so we’re still a little sentimental. The point is, in a year when every show was a grand slam of catharsis and joy, it was slightly painful to narrow this list down. But after not getting to do one at all in 2020, we are ecstatic and proud to give you some of the highe...
Genesis Announce Fall 2021 North American Tour
Tony Banks, Phil Collins, and Mike Rutherford, the prog-rock group collectively known as Genesis, will return to the road in North America for the first time in 14 years with The Last Domino? tour, kicking off Nov. 15 in Chicago and ending Dec. 15 in Boston. Joined by Phil’s son Nic Collins on drums and the band’s long-time lead guitar and bass player Daryl Stuermer, the iconic group will perform at 14 major venues across the U.S. and Canada, including a Dec. 5 stop at New York’s Madison Square Garden. Count on hits including “Invisible Touch,” “In Too Deep” and “Turn It On Again” from the Rock & Roll Hall of Fame inductees. The Last Domino? North American Tour 2021 marks the first time Genesis has performed stateside since 2007’s Turn It On Again: The Tour, which...
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