Genesis’ crypto lending division paused redemptions on more than $2 billion of loans just this morning in New York. And fellow lender B2C2 is already looking to profit from the firm’s plight. 

Max Boonen, founder of the digital asset liquidity provider B2C2, offered to purchase Genesis’ loans shortly after news broke of the firm’s redemptions woes.  Boonen told Blockworks he expects a potential deal would be finalized within the week, and B2C2 is looking for quality, short term loans in the ballpark of six months. There’s no word from Genesis yet on their preferred term — or if they’d even move forward on a deal — but representatives from the company have already engaged in preliminary talks with Boonen, he said. 

“We’re not doing this out of an altruistic impulse,” Booned said. “We think that there’s actually money to be made” by acquiring discounted loans and bolstering B2C2’s reputation.