Digital Currency Group confirms settling $700M of debt with Genesis

The CEO of Digital Currency Group, Barry Silbert, stated that the company has now satisfied all its obligations that are currently due.
Venture capital firm Digital Currency Group (DCG) announced it has cleared all of its short-term loans currently due to the now-defunct crypto lending platform Genesis.In a statement released on Jan. 6 on X (formerly Twitter), DCG confirmed that it is up-to-date on its financial obligations, including paying approximately $700 million to Genesis as part of the over $1 billion paid to creditors in the past year.

“DCG is pleased to announce that we have completed a payoff of all short-term loans from Genesis. In total, DCG has paid off more than $1 billion of debt to its creditors in just over a year, including nearly $700 million to Genesis, satisfying all obligations currently due.”
Furthermore, DCG CEO Barry Silbert highlighted that these debt commitments were fulfilled despite the challenging conditions in the crypto market throughout 2023.

“We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry,” Silbert stated.