Genesis and Galaxy Set up Funds, Look to Raise $500 Million After Losing to 3AC

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According to a recent filing from the Securities and Exchange Commission (SEC), some of the renowned executives of cryptocurrency and trading firms Genesis and Galaxy Digital are looking forward to amassing $ 500 million to form a new crypto investment fund called DBA Crypto Fund. THE P.

Michael Jordan, Joshua Lim and Roshun Patel are the general partners of the DBA Crypto Fund I LP and look forward to taking on managerial roles and growing the funds as they advance.

Michael Jordan heads Galaxy Digital as Co-Head of Investments, Joshua Lim works as Head of Derivatives at Genesis Trading, and Roshun Patel was the former Vice President (VP) of Genesis.

Shane Barratt is also elected executive member and investment partner of this new crypto investment fund. He is also the founder and CEO of Convex Trading.

Genesis and Galaxy Digital have both suffered huge losses over the past few months. For example, Galaxy Digital’s quarterly reports showed a loss of $ 554 million in Q2 due to the poor outcome of investments in its trading, digital assets and core investment businesses.

In addition to these losses, Galaxy Digital also abolished a high-profile goal of getting BitGo, a cryptocurrency provider.

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Genesis Trading is sailing in the same boat and suffered a huge $ 1.2 billion loss while staking at crypto hedge firm Three Arrow Capital. Subsequently, they also filed a complaint against Su Zhu’s hedge fund.

It is worth noting that Michael Moro, CEO of Genesis, has announced that he is stepping down from his role after the company lost billions of dollars to 3AC.

In addition to their exposure to 3AC, Genesis and Galaxy Digital also suffered losses due to falling cryptocurrency values.

The cryptocurrency market has been in decline since the beginning of this year, however, it is quite easier to raise funds in the bear market as assets can be raised at a relatively lower price.

Despite its volatile nature, people are investing heavily in the cryptocurrency industry, quite because of its potential.

Even after several huge losses, the partners associated with the BDA Crypto Fund I LP are positive about this recent funding and aim to strengthen both companies. However, time will only tell its success and whether it will turn out profitable or dig it up.

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