CoinCake - Crypto Currency Tracker logo CoinCake - Crypto Currency Tracker logo
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."

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.