FAST FIVE: DCG Founder Silbert Says "We'll Come Out Of It Stronger" Amid Crypto Crisis
This is an issue of liquidity and duration mismatch in the Genesis loan book.
Grayscale (a DCG subsidiary) is the trustee for GBTC.
Not only is DCG dealing with issues pertaining to Genesis withdrawals and its solvency, but the conglomerate has also been forced to defend the backing of GBTC.
pic.twitter.com/MMKzp2HBwQ – ∴Ergo∴ (@ErgoBTC) November 20, 2022 Coinbase Custody, however, came to Grayscale's defense, confirming that GBTC and other Grayscale products remain completely backed by assets under control of Coinbase Custody.
Genesis has a much larger footprint than FTX and provides (provided?) prime brokerage services that empower institutional investment in crypto.