Before the bankruptcy of Genesis, there were discussions about a potential merger between the crypto exchange Gemini, owned by the Winklevoss twins, and the crypto broker Genesis, which is part of the Digital Currency Group. These talks were initiated in an effort to compete more effectively with major players in the industry such as Coinbase and FTX. The proposal for the merger was made by Barry Silbert, the head of Digital Currency Group, amid concerns of contagion in the crypto lending space. The discussions included a lunch meeting between Silbert and Cameron Winklevoss in Oct 2022 but ultimately did not result in a merger.
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A court motion to dismiss NYAG's lawsuit against Digital Currency Group reveals DCG boss Barry Silbert proposed a merger between Genesis and Gemini to the latter’s co-founder, Cameron Winklevoss, during a lunch meeting in Oct 2022. https://t.co/rHHqPxXcfa
Genesis Bankruptcy Preceded by Failed Merger Talks Between DCG and Gemini https://t.co/zHxHdsFq4a
In 2022, @DCGco boss Barry Silbert proposed a merger between lender Genesis and Winklevoss-owned exchange @Gemini as contagion threatened to engulf the crypto lending space. By @IanAllison123. https://t.co/dELQDKxHxs
Email Shows #Crypto Firms Digital Currency Group and Gemini Explored Merger Before Genesis Bankruptcy https://t.co/zHxHdsFq4a
Winklevoss' crypto exchange Gemini was exploring an option to merge with crypto broker Genesis to compete with Coinbase and FTX https://t.co/HlBC33Vho4