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0 CommentsTop investment deals across the crypto sector over the last week (Nov. 19–25, 2022):
Crypto brokerage Genesis warns of bankruptcy without funding
According to Bloomberg, digital asset brokerage Genesis is struggling to raise fresh cash for its lending unit, and it’s warning potential investors that it may need to file for bankruptcy if its efforts fail, according to people with knowledge of the matter.
Founder of EOS developer Block.One buys 9.3% of crypto bank Silvergate
Brendan Blumer, the founder and CEO of EOS developer Block.One, has bought 9.3% of crypto bank Silvergate Capital, while Block.One bought an additional 7.5%, according to US SEC documents filed on Wednesday. According to the filings, Blumer bought 2,934,537 shares of the crypto bank on Nov. 16 while Block.One bought 2,363,186 shares. The purchase makes Blumer the largest shareholder of Silvergate, according to the latest statistics from FactSet.
Genesis Global Capital confirms hiring investment bank Moelis and talks with potential investors
Genesis Global Capital confirmed that it has hired investment bank Moelis & Co. to explore how to shore up its crypto-lending business’ liquidity and address clients’ needs, days after halting withdrawals. The crypto lender also started talks with its largest creditors and borrowers, including Gemini and parent company DCG, to agree on a solution. Earlier, Genesis had spent much of November scrambling to raise fresh capital or reach a deal with creditors thanks to its exposure to collapsed crypto exchange FTX.
Bybit announces $100 million fund to support institutional clients
Crypto exchange Bybit has established a $100 million fund to support institutional clients “during this challenging period in the crypto industry,” the company said Nov. 24. Bybit will offer up to $10 million to existing and new market makers on its platform, as well as dedicated account managers, it said in an emailed statement. Bybit, the 35th largest exchange by trading volume according to CoinMarketCap, joins Binance, the largest, in trying to turn the industry tumult of the past few weeks into an opportunity.
Web3 platforms join Binance to lead crypto Industry Recovery Initiative (IRI)
On Nov. 25, Binance introduced its Web3 Industry Recovery Initiative (IRI) to help distressed companies within the crypto industry soon after FTX filed for bankruptcy. Initially, Binance will “commit $1 billion to IRI-themed investment opportunities with an intent to ramp up that amount to $2 billion in the near future if the need arises.”
So far, Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos, and Brooker Group have also “committed to participating with an initial aggregate commitment of around $50 million, and we expect more participants to join soon.”
Crypto lender Matrixport seeks $1.5 billion funding value despite FTX chaos
Matrixport Technologies Pte, one of Asia’s biggest crypto lenders, is targeting $100 million in funding at a higher valuation, even as the fall of FTX reverberates across the digital asset market.
The Singapore outfit has commitments from lead investors for $50 million at a valuation of $1.5 billion in the round, up from $1 billion a year earlier, according to Bloomberg sources. The deal has yet to be finalized and the company is still seeking investors for the other half of the round, said the people, asking not to be identified as discussing private information. Wu Jihan’s venture counted Tiger Global and Dragonfly as backers.
