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Seeking Alpha 2023-01-20 15:55:03

Tokens.com discloses open loan facility with troubled crypto lender Genesis

Tokens.com ( OTCQB:SMURF ), a provider of blockchain verification services, said Friday it has an open loan facility with Genesis Global Capital, the troubled cryptocurrency lender whose parent company earlier filed for Chapter 11 bankruptcy protection . For the open loan facility, Tokens.com ( OTCQB:SMURF ) is required to post collateral in token assets. Based on the closing price on Jan. 18, that collateral was worth $890,000. SMURF has a $138,000 loan outstanding against the collateral, it said, and the difference between the collateral and the loan value represents around 3.7% of its assets ($20.0M) as of Sept. 30, 2022. That said, the company has asked to have its collateral returned and fully repay the loan outstanding. "The unavailability of these tokens does not have a material impact on Tokens.com’s financial position or operations," it noted, adding it "remains well capitalized to meet its future plans." Recall in mid-November 2022 when Genesis paused redemptions and new loan originations following "abnormal withdrawal requests."

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