Senior Executives of Genesis Have Privilege to Obtain FTX Cryptocurrencies in Advance: Report

03/28/2023 04:17 • Crypto & Markets • 68 views

According to reports, people familiar with the matter disclosed that senior executives of Genesis, a cryptolending institution, have the privilege to obtain cryptocurrencies supported by FTX in advance. That is, before FTT and Serum (launched in 2020 with the support of FTX and Alameda) are released to the public, SBF, the founder of FTX, sells them to Genesis senior executives at a discount price. According to people familiar with the matter, the FTT and Serum tokens, as well as Solana, have also been accepted by Genesis as collateral for Alameda’s mortgage to secure its borrowings.

Insider: Genesis executives purchased FTX supported cryptocurrencies in advance with privileges

Introduction

Cryptocurrencies have been gaining popularity over the years, with more and more people investing in them. As the demand for digital currencies continues to rise, financial institutions are also getting involved in the crypto world. Reports have surfaced that senior executives of Genesis, a cryptolending institution, have the privilege to obtain cryptocurrencies supported by FTX in advance. This article will delve deeper into this subject, discussing the details regarding this matter.

The Privilege of Genesis Senior Executives

Reports indicate that senior executives of Genesis have the ability to obtain cryptocurrencies supported by FTX in advance. This means that they can purchase FTT and Serum tokens before they are made available to the public. According to sources, SBF, the founder of FTX, sells these tokens to Genesis senior executives at a discounted price. This privilege gives Genesis an advantage because they can purchase FTX tokens before the general public, potentially gaining profits and further growing their investments.

FTX and Alameda Partnership

FTX, a cryptocurrency derivatives exchange, launched Serum in 2020, which is supported by Alameda Research. According to reports, Serum has been accepted as collateral by Genesis for Alameda’s mortgage to secure its borrowings. This partnership also includes FTT, the native token of the FTX ecosystem, which will be used to pay for fees and facilitate trading in the platform.

Solana and Genesis Collateralized Mortgages

Apart from FTT and Serum tokens, Genesis has also accepted Solana as collateral to secure its borrowings from Alameda. Solana is a high-performance blockchain that focuses on scalability, allowing for faster and cheaper transactions. By accepting Solana as collateral, Genesis can further diversify its portfolio and secure its borrowings using multiple digital assets.

Conclusion

Genesis, a cryptolending institution, has the privilege to obtain cryptocurrencies supported by FTX in advance, giving them an advantage in the market. Senior executives have the ability to purchase FTT and Serum tokens before they are made available to the public, potentially gaining profits and further growing their investments. Additionally, Genesis has also accepted Solana as collateral for Alameda’s mortgage to secure its borrowings. This highlights the importance of collaborations and partnerships in the crypto industry, as well as the growing demand for digital currencies.

FAQs

1. What is Genesis?
Genesis is a global leader in digital asset lending, trading, custody, and prime brokerage services.
2. What are FTT and Serum tokens?
FTT is the native token of the FTX ecosystem, used to pay for fees and facilitate trading in the platform. Serum is a decentralized exchange built on the Solana blockchain.
3. What is Solana?
Solana is a high-performance blockchain that focuses on scalability, allowing for faster and cheaper transactions.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/11322.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.