#650m

The Chicago Hearth unveiled plans to construct a privately funded, soccer-specific stadium alongside the Chicago River on Tuesday. The 22,000-seat facility, positioned simply south of Roosevelt Highway, has a projected value of $650 million and is anticipated to open within the spring of 2028. Membership chairman and proprietor Joe Mansueto mentioned the challenge consists of an leisure district…

Elon Musk’s mind laptop interface startup Neuralink closed a $650 million funding spherical, the corporate introduced in a weblog publish on Monday. The Sequence E fundraise included traders akin to ARK Make investments, Founders Fund, Sequoia Capital, and Thrive Capital, amongst others. Neuralink final raised a $280 million Sequence D funding spherical in 2023, with a further $43 million tranche…

Redpoint Ventures, a San Francisco-based agency that’s a few quarter of a century previous, has raised a $650 million tenth early-stage, in keeping with a regulatory submitting. Redpoint’s new fund matches the scale of its prior fund, which was raised just below three years in the past. In a market the place many enterprise corporations are lowering their capital hauls, this consistency might…

Redpoint Ventures, a San Francisco-based agency that’s a couple of quarter of a century outdated, has raised a $650 million tenth early-stage, in line with a regulatory submitting. Redpoint’s new fund matches the dimensions of its prior fund, which was raised just below three years in the past. In a market the place many enterprise corporations are lowering their capital hauls, this consistency…

Genesis’ Parent Company DCG Missed a $650M Payment to Gemini, 232,000 Earn Users in Limbo

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Key Takeaways

Genesis’s parent company Digital Currency Group (DCG) failed to make the $650 million in debt repayment to Gemini.

Today, May 22, Gemini will file a Gemini Master Claim to look to return over $1 billion in digital assets for its Earn Users.

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The Digital Currency Group (DCG), a leading crypto conglomerate and parent company of Genesis’ lending division, finds itself entangled in the bankruptcy proceedings between Gemini and Genesis. The last few weeks had many fearing that the company might default on a repayment to the bankruptcy estate starting the week of May 9.

This fear was confirmed in a Gemini transparency report when Gemini, a crypto exchange and Genesis creditor, announced on Friday that DCG failed to make a $630 million payment due the week of May 9:

“In the event a deal cannot be reached, Gemini (along with the other parties) is working with Genesis to suggest terms for an amended plan of reorganization that could be advanced without DCG’s consensual participation.”

Earlier in May, Genesis’s creditors agreed to a 30-day mediation period and a court-appointed mediator after a fraction of the creditors distanced themselves from a February reorganization plan. The update read, “Gemini to begin a 30-day process to mediate ‘the contribution to be provided by DCG and its affiliates’ to the Genesis bankruptcy.” 

1/ Earn update: This past week, Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), the Creditor Committee, and Gemini agreed to start a 30-day mediation process to drive to a final resolution as soon as possible.

— Gemini (@Gemini) April 30, 2023

Gemini is planning to file a claim against Genesis, stating in the update: 

“Gemini has been preparing the Gemini Master Claim, which must be filed on Monday (5/22). The Gemini Master Claims seeks the return of over $1.1 billion of digital assets that Genesis has refused to return to the 232,000 Earn users who had active loans as of January 19, 2023.”

Genesis, Gemini and groups representing creditors such as the Unsecured Creditor Committee (UCC) are currently discussing whether to grant DCG forbearance, thus providing an avenue for the company to circumvent a default. According to Gemini, part of this decision is contingent upon the parties’ confidence in DCG’s willingness to engage sincerely in negotiations toward a consensual resolution.

A collaboration between Gemini and Genesis on the proposed terms of a new plan will be planned if mediation cannot be reached, as “terms for an amended plan of reorganization […] could be advanced without DCG’s consensual participation.”

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About $650M in token unlocks scheduled for March

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Eighteen projects scheduled their unlocks to take place in March, which will release about $650 million worth of tokens into circulation, according to Token Unlocks data.

Of these 18, six projects will unlock their tokens on the first day of the month. Over $224.7 million worth of assets will be released into the market on the first day, which accounts for 34.5% of the total amount to be unlocked during March.

Unlocks scheduled for March 1

Euler (EUL), STEPN (GMT), Hedera (HBAR), Acala (ACA), 1inch (1INCH), and Galxe (GAL) will unlock their tokens on the first day of the month.

HBAR unlock will be the largest one during March. On the first day of the month, the project will release over 3 million HBAR tokens worth over $218 million.

EUL will go under a cliff unlock, releasing $201,600 worth of EUL each day until the total amount reaches $885,368. Similarly, GMT will release $221,932 daily with a linear unlock schedule.

ACA, 1INCHi, and GAL will release $4.2 million, $37,128, and $1.1 million worth of tokens, respectively.

Rest of the month

Nym (NYM) will unlock $1.3 million worth of tokens on March 3, which accounts for 0.5% of its total supply. On March 8, Tornado Cash (TORN) is expected to release 175,000 tokens worth $1.4 million.

Moonbeam (GLMR), Aptos (APT), Sweat Economy(SWEAT), dYdX (DYDX), and BitDAO (BIT)  scheduled their unlocks for March 11, 12, 13, 14, and 15, respectively. GLMR will release $89,100 worth of tokens every day until the total reaches $4.27 million. SWEAT will also go under a cliff unlock by releasing a total of $1.5 million by unlocking $72,900 daily.

APT, DYDX and BIT will release $54.8 million, $19.6 million, and $109.8 million, respectively. BitDAO will release over 187 million BIT tokens worth $109,882,313 and mark the third-largest unlock of the month.

ApeCoin (APE) and Stargate Finance (STG) scheduled their unlocks for March 17. ApeCoin will release $205 million worth of tokens, which will be the second-largest unlock of the month. On the other hand, STG will go under a linear unlock period by releasing $576,923 daily.

Finally, LooksRare (LOOKS), Immutable X (IMX), and Yield Guild Games (YGG) will unlock $2.3 million, $19.2 million, and $5.2 million worth of tokens on March 24, March 25, and March 27, respectively.

Posted In: Featured, Tokens

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