Gemini comes to agreement with Genesis as Cameron Winklevoss declares $100M contribution
Gemini co-founder Cameron Winklevoss announced that the company reached an “agreement in principle” with Genesis late on February 6.
Gemini has made several strong allegations against Genesis on behalf of Gemini Earn’s customers, alleging that Genesis owes customers more than $1 billion.
Investors were concerned that they risked losing $485 million through Genesis’ bankruptcy proceedings. However, Cameron acknowledged that the court agreed to a “plan to provide a path for Earn users to recover their assets.”
Winklevoss also revealed that Gemini will donate $100 million as part of the plan.
“This plan is an important step towards the substantial recovery of all Genesis creditor assets.
As part of the plan, Gemini will donate up to an additional $100 million to Earn users, further demonstrating Gemini’s ongoing commitment to helping Earn users make a full recovery. “
The Gemini co-founder said he was confident the issue was headed in the right direction, although there was “a lot more work to be done.”
“I’m pretty sure we have the framework in place to run it.”
No information has yet been released on whether Earn customers will receive the funds one-on-one or at a discounted rate.But Reuters Confirmed “The Digital Currency Group … has reached an agreement in principle on a restructuring plan with a group of creditors,” citing DCG subsidiary CoinDesk. Cameron’s announcement is therefore in line with the news announced by DCG.
For future updates on Gemini Earn’s fundraising status, please visit Gemini website.
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