City Global Financial News

Gemini - founded by Tyler and Cameron Winklevoss - made the commitment in a deal with the New York State Department of Financial Services that also sees the firm pay a $37 million fine. The agreement relates to a failed partnership between Gemini and DCG unit Genesis on the former's Earn interest-bearing product.

Gemini has reached a settlement in principle with Genesis, detailing a plan to distribute $1.8 billion to Earn users, with the process starting within two months, pending court decision.

Capri Global Capital, a leading non-banking finance company, has appointed Vivek Jain as its new chief human resources officer (CHRO). Jain will collaborate with the senior leadership team to attract, develop and retain top talent, and create a high performance, entrepreneurial culture. Jain comes with over 25+ years of industry expertise.

Dividend stocks: Shares of Natco Pharma Ltd, Fineotex Chemical Ltd, Gateway Distriparks Ltd, Suprajit Engineering Ltd, and Vibrant Global Capital Ltd will be in focus when the stock market opens on February 26 (Monday). The Board of Directors of these companies have declared interim dividends for their eligible shareholders.

Natco Pharma, Suprajit Engineering, NMDC, and Jupiter Wagons will trade ex-dividend, while The South Indian Bank's rights issue's ex-date is fixed this week. On Monday, 26th February, Fineotex Chemical (Rs 1.2/share), Gateway Distriparks (Rs 0.75/share), Natco Pharma (Rs 1.25/share), Suprajit Engineering (Rs 1.1/share), and Vibrant Global Capital (Rs 1.25/share) will trade ex-dividend. While NMDC (Rs 5.75/share) will trade ex-dividend on Tuesday, 27th February.

Union Budget 2024, which is now less than a fortnight away, the domestic commodity industry has urged the government to allow the resumption of trade in banned agricultural commodities including wheat, paddy (non-basmati), chana, and others. The sentiments were echoed by the industry representatives on January 22 on the occasion of 20 years of commodity trading on exchanges. Country’s largest non-agri commodity exchange Multi Commodity Exchange (MCX) and agri bourse National Commodity Exchange of India (NCDEX) started operations in 2003. Narinder Wadhwa, National President at Commodity Participants Association of India (CPAI) said that this day will be observed as a national commodity day from now on. “Commodity Day serves as a dedicated platform for refining participants, addressing developmental concerns, and striving to uphold elevated market integrity, benefiting investors, businesses, and governments alike,” Wadhwa said. The continued linked the prosperity of the market on the agility of policies, adherence to principles of fairness, and timely adaptations to meet the evolving needs of both the market and its investors.

The return of a struggling newspaper from an investment firm to a local owner would normally be cause for celebration in the troubled news industry

Digital Currency Group subsidiary Genesis Global trading will pay an $8 million penalty and surrender its license from the regulator after an investigation found significant failings in the company's anti-money laundering and cybersecurity programs. Genesis — a cryptocurrency market-maker and brokerage firm — failed to maintain an effective compliance program for anti-money laundering and Bank Secrecy Act requirements and did not file sufficient Suspicious Activity Reports, which requires financial institutions to flag certain transactions to law enforcement.

Grayscale Investments, a leading cryptocurrency trust manager, has announced the resignation of Barry Silbert from its board of directors. Silbert, recognized as the founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale, officially stepped down as of January 1, 2024. This move comes amidst a challenging period for the crypto industry, particularly following the 2022 market downturn.

Gemini Earn creditors could potentially face up to a 70% reduction in their promised crypto payouts as part of a proposed reorganization plan.

South Korean law enforcers are continuing to crack down on crypto-powered crime, with customs officials shutting down a suspected international gambling ring that used USDT.

Gurugram-based realtor Ganga Realty has announced the launch of a luxury residential project ‘Nandaka 84’ in Sector 84, Gurugram, and plans to invest more than Rs 1000 crore in this project. The project is located at a 2-minute distance from Dwarka Expressway/Northern Peripheral Road and shares close and seamless connectivity with NH-48, Cloverleaf Flyover, the ambitious mixed-use Global City project, IGI Airport, and Delhi’s premium hotspot Rajiv Chowk.

Crypto lender Genesis Global Capital has taken legal action against cryptocurrency exchange Gemini Trust in an attempt to reclaim over $689 million. 

Bankrupt crypto lender Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini to recover $689 million in preferential transfers, according to a Nov. 21 court filing.

Slated to be completed by October 2026, the Haryana Government’s ambitious mixed-land-use project — Global City Gurugram — comprising residential and commercial complexes, high-street retail spaces, Special Economic Zones (SEZs), high-tech industrial spaces, plotted developments, and self-sufficient and inclusive social infrastructure is expected to ramp up investments in Dwarka Expressway. It is being built as an integrated township across 1080 acres in Sectors 36B, 37A, and 37B along the suburbs of Dwarka Expressway.

The strategic proximity to the Delhi-Mumbai Expressway and the Haryana Government’s ambitious Global City Project have fueled unprecedented growth and investment opportunities, making Dwarka Expressway a promising realty hotspot.

In an X social media post on Wednesday, Jesse Powell, the co-founder of Kraken, criticized venture capital firms for their role in what he described as "obvious fraud" at FTX, led by Sam Bankman-Fried (SBF). 

Crypto lending firm Genesis, a subsidiary of Digital Currency Group (DCG), will stop offering spot and derivatives trading for crypto assets through its British Virgin Islands unit.

1) Company overviewJiwanram Sheoduttrai Industries initially started manufacturing industrial safety gloves and gradually expanded its presence in the industrial garment sector. Its business is classified under three product verticals — manufacturing and export of industrial leather gloves, industrial garments and work and casual wear.2) Industry overviewThe global personal protective equipment market (PPE Market) was $68.5 billion in 2022 and is projected to reach $64.2 billion by 2027, at a CAGR of -1.3% from 2022 to 2027.3) Issue sizeThe IPO is entirely a fresh issue of up to 74.2 lakh equity shares aggregating to Rs 17.07 crore.4) Price bandThe company will offer its shares at a price band of Rs 23 apiece, and investors can bid for 6,000 shares in 1 lot.5) Financial performanceFor the period ended March 2023, the company has recorded revenues of Rs 42.23 crore and net profit of Rs 4.02 crore.6) Objects of the offerThe net proceeds from the public offer will be used to fund working capital requirements, repayment of debt, and other general corporate purposes.7) Lead managers and RegistrarAffinity Global Capital is acting as the lead manager to the issue, while Cameo Corporate Services is the registrar.8) Issue structureAbout 50% of the offer is reserved for retail investors, and the rest for other investors.9) Important datesThe IPO opens on September 8 and closes on September 12.

Genesis Global Capital (GGC), a subsidiary of Digital Currency Group (DCG) based in New York, has initiated two lawsuits against DCG and its international arm, DCGI, aiming to secure the repayment of loans totaling $600 million.

NEW YORK (Reuters) — Digital Currency Group was sued on Wednesday by its bankrupt Genesis Global Capital cryptocurrency lending unit, as both sides negotiate DCG's repayment on more than $610 million of loans that matured in May.