Cointime

Download App
iOS & Android

Crypto Liquidity Provider B2C2 Offers to Purchase Loans from Genesis

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.

Comments

All Comments

Recommended for you

  • Blockchain solar company Glow completes $30 million in funding

    blockchain solar company Glow has completed a $30 million financing round, led by Framework and Union Square Ventures. The CEO and co-founder of Glow stated that Vorick plans to use this funding to expand the company from 5 megawatts of power to 600 megawatts in the next 18 months and expand to new countries. Glow operates a DePIN network consisting of solar power plants in the United States and India. To encourage farms on its network to surpass the "dirty" energy grid, the founder designed an overall economy based on subsidy and token incentive models.
  • Web3 gaming infrastructure Alliance Games completes $5 million Series A funding

    Alliance Games, a Web3 gaming infrastructure, has completed a $5 million Series A financing round. The round was led by Animoca Brands and Asymm Ventures, with participation from The Spartan Group, Dialectic, Kyros Ventures, Coin98 Ventures, and investors Loi Luu and Sebastien. Including its previous seed round financing, Alliance Games has raised a total of $8 million.
  • AI startup Crusoe Energy is raising $500 million at a $3 billion valuation

    AI infrastructure company Crusoe Energy is about to complete a $500 million equity financing, led by billionaire Peter Thiel's Founders Fund. This round of financing values the company at $3 billion, double its value two years ago. Just a few weeks ago, Crusoe Energy announced a $3.4 billion joint venture agreement with Lancium Clean Campus to build a data center in Texas.
  • AI data collection startup Sapien raises $10.5 million in seed funding

    AI data collection startup Sapien has completed a $10.5 million seed round of funding, led by Variant, with participation from Primitive Ventures, Animoca, Yield Game Guild, and HF0. Sapien's team is led by former co-founder of Coinbase Layer2 network Base, Rowan Stone, and founder of Polymath and author of RWA standard ERC1400, Trevor Koverko. Sapien rewards data providers using USDC stablecoins or a reward points system.
  • Privacy-Focused Blockchain Project Nillion Raises $25M in Funding Round Led by Hack VC

    Privacy-focused blockchain project Nillion has secured $25 million in a funding round led by Hack VC, with participation from Arbitrum, Worldcoin, and Sei. Nillion aims to attract projects at the intersection of blockchain and AI, where secure sharing and storage of large amounts of data are crucial. The company's service is built around the concept of "blind computing," which enables the processing of data without revealing its contents. Nillion's partners include blockchain networks NEAR, Aptos, Arbitrum, and Ritual, among others.
  • Bitcoin re-staking protocol PumpBTC completes 10 million seed round financing

    PumpBTC, a Bitcoin liquidity collateral platform, announced the completion of a $10 million seed round of financing, led by SevenX Ventures and Mirana Ventures, with participation from UTXO, Mantle Ecosystem Fund, and other institutions, and attracted many industry partners such as Quantstamp and Veda.
  • Smart contract automation network Gelato completes $11 million Series A+ financing, led by Hack VC

    Gelato, which focuses on smart contract automation networks, has completed a $11 million A+ round of financing. This round of financing was led by Hack VC, with participation from Animoca Brands, IOSG Ventures, and Bloccelerate VC.
  • Web3 data and AI company Validation Cloud completes $10 million in new round of financing

     Web3 data and AI company Validation Cloud announced a $10 million financing round from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data.
  • On-chain DA project Hyve completes $1.85 million seed round financing

    Hyve, a DA project on the chain, has completed a seed round of financing of $1.85 million, led by Lemniscap with participation from Paper Ventures and Frachtis.
  • Web3 social Layer2 solution Vue Protocol completes $6 million in financing

    According to official sources, Web3 social Layer2 solution Vue Protocol announced that it has raised $6 million in Pre-Seed and seed rounds, with participation from Eureka Capital, PAKA, Genesis Ventures, and AU21 Capital. Vue Protocol is a decentralized platform that seamlessly maps multi-chain relationships, aimed at connecting Web3 native developers, giving users ownership of their data, and enabling community collaboration.