After FTX the GENESIS platform is preparing for bankruptcy.

Since the rout of FTX, the second largest cryptocurrency exchange platform in the world, it is Berezina in the crypto ecosystem.

According to Bloomberg, the American financial news agency, Genesis is about to join the cemetery of crypto-bankruptcies.

“It is thus in a climate of the end of the world on the crypto markets that Bloomberg reports the declarations of Genesis: failing to have succeeded in convincing one or more buyers, Genesis is preparing for an inevitable bankruptcy. Quoted by Bloomberg, however, Genesis reportedly indicated that it “has no plans to file for bankruptcy imminently and that[the company]is working to resolve the current situation. »

Not intending to file for bankruptcy imminently… it’s not really very engaging if you have funds at GENESIS!

Again, a distinction must be made between cryptos and crypto exchanges. You can have your cryptocurrencies directly, for example on a “ledger” key which is the best known mode of conservation in “physical” form of your crypto-treasury.

But for all that, what happens to trading platforms is not at all trivial for the market. Indeed, the tens of billions of dollars of daily crypto exchanges are only allowed precisely by the existence of these platforms.

Without an exchange platform you have no exchange!

It may seem obvious.

But if you don’t have an exchange you don’t have a crypto market!

And if you don’t have a market, you don’t have liquidity.

If you don’t have cash, your assets have no value.

It may seem obvious.

So obvious that no one is talking to you about this subject.

It is therefore a real collapse for the crypto-currency market that the European Central Bank prefers to call … crypto-assets.

Charles SANNAT

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