Genesis Lays Of 30% Staff, Parent Company DCG Closes Its Wealth Dept
The year 2022 witnessed many companies fall to dust as several firms filed for bankruptcy in the crypto space.
Days after FTX and Alameda collapsed, Genesis Global, which acquired $140 million from its parent company, the Digital Currency Group, decided to halt new loan sanctions and withdrawals. This was announced through a Twitter thread.
Also Genesis Global CEO, Derar Islim assured creditors over the call that the firm is looking for solutions and trying to find a new source of fresh liquidity.
Genesis & DGC Tumbles With Challenges
However, on Jan 5, Genesis laid off 30% of its employees which indicates the company’s financial instability along with doubting its sustainability in the market. This is not the first time, even in 2022 the company had laid off 20% of its 260 staff, but the fall of FTX has now worsened matters.
Now, after Genesis fired 30% of its staff, its parent company, Digital Currency Global (DCG) plans to shut down its wealth department. The company spokesperson confirmed that HQ, its wealth management division will be closed by January 31 and hopes to revisit the project in the future.
HQ was the one that managed capital for crypto entrepreneurs and investors. Even the Digital Currency Group was hit with various challenges after FTX and Alameda collapsed
On the other hand, Gemini exchange’s co-founder Cameron Winklevoss wrote an open letter to DCG chief Barry Silbert which claimed that 34,000 Gemini customers of Earn products are still waiting for their withdrawals to resume. The note also claimed that DCG owes $900 million to its Gemini customers.
However, DCG chief Silbert has maintained that the above figure is inaccurate and the DCG is absolutely in good financial condition. On the contrary, the current event of HQ closure will definitely question DCG’s stand on financial terms.
Early Investors In Gnox (GNOX) Most Likely To Generate Massive Wealth
Crypto millionaires are being made right this second. Investors taking advantage of the current depressed valuations of assets will see their portfolios balloon during the next bull market cycle. Many will join the growing ranks of crypto millionaires. Investors who persevere during the bear market will be rewarded, as most investors lack the courage to buy at lows and instead FOMO in during rallies. It will always be harder to buy a red candle than a green candle, but successful investors do exactly that.
A new reflection protocol Gnox (GNOX), launched on the Binance Smart Chain, has been highlighted by several crypto analysts as having the potential to generate life-changing wealth. Similar to the gains experienced by early investors in Ethereum (ETH) and Binance Coin (BNB).
Gnox (GNOX)
Gnox has huge potential to capture enormous volumes of liquidity due to its simplicity. Gnox has refined DeFi (decentralised finance) investment into a low-touch single point of contact, making earning in DeFi easy and accessible to all. Through its treasury, funded via buy and sell taxes, Gnox provides its investors with a monthly stablecoin reflection. The treasury is the first of its kind, designed to earn for investors, and is utilised in yield farming, staking, and lending protocols.
This fund is designed to grow with all trading contributing to the treasury. Early investors will start to receive increasingly large stablecoin reflections, and when these materialise, GNOX is expected to soar. Providing a monthly guaranteed income in a single token, Gnox is perfectly suited to both ordinary investors and whales who want to streamline their investment process whilst continuing to be exposed to the profits of DeFi.
This fund is designed to grow with all trading contributing to the treasury. Early investors will start to receive increasingly large stablecoin reflections, and when these materialise, GNOX is expected to soar. Providing a monthly guaranteed income in a single token, Gnox is perfectly suited to both ordinary investors and whales who want to streamline their investment process whilst continuing to be exposed to the profits of DeFi.Â
Ethereum (ETH)
Ethereum, the second largest digital asset within the crypto space, launched via ICO (Initial Coin Offering) in 2014. ETH originally sold for $0.31 per token. The ICO raised $16 million and sold nearly 50 million ETH. Currently trading at close to $1,600, investors still holding their tokens who participated in the presale would have seen more than 5200X on their initial investment. In dollar terms, a $1000 investment would have yielded more than $500,000.
It is almost hard to imagine that Ethereum launched via ICO at one stage with such a low valuation, given its prominence in the sphere. But it should remind all investors that every protocol, whatever heights it reaches, starts small.
Binance Coin (BNB)
BNB is another ICO success story. An integral part of the entire Binance ecosystem, BNB was launched in July 2017 for $0.15 a token, now trading just below $300, investors still holding would have seen a 2000X on their initial investment. They would have seen even more outrageous returns if they had sold during BNB’s ATH (All-Time High) of $690.
Closing Thoughts
Millionaires have an uncommon vision and see things ordinary investors cannot. They look into the future and see the potential use cases of protocols. And these early adopters are typically handsomely rewarded for their faith in nascent projects.
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Website: https://Gnox.io
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