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Crypto Firm Genesis Struggles to Raise Fresh Capital, In Talks with Binance – Next Domino to Fall From FTX Contagion?

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The troubled crypto trading firm Genesis is reportedly struggling to raise fresh funds for its lending unit - and may be headed into bankruptcy.

According to Bloomberg, citing people with knowledge of the matter, the company has spent the past several days looking to raise a minimum of $1 billion in fresh capital, but seemingly with no luck.A major crypto exchange has been reportedly involved in the talks, but also with no deal signed, suggested the report, stating:The funds raising effort "included talks over a potential investment from crypto exchange Binance, [...] but funding so far has failed to materialize."As reported, Genesis had sought an emergency loan of $1 billion before closing redemptions for clients last week.

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