Gemini mulled forming a ‘juggernaut’ with Genesis before it went to smoke
Barry Silbert, CEO of Digital Currency Group once pitched creating a combined company with Gemini that could compete with the likes of Coinbase and FTX.
Gemini co-founder Cameron Winklevoss once considered a merger with Digital Currency Group (DCG) and its cryptocurrency lending firm Genesis Global Capital (GGC) that could’ve birthed a publicly-listed “juggernaut” to compete with the likes of Coinbase and FTX.
That was, at least, a claim by DCG’s CEO Barry Silbert in a newly surfaced email to colleagues from October 2022 after a luncheon with Winklevoss — three months before Genesis eventually went bankrupt.
The email was shared by lawyers representing DCG and Barry Silbert as part of a March 6 motion to dismiss a $3 billion fraud lawsuit filed by the Attorney General of the State of New York. The email was used to argue against allegations that Silbert knew Genesis was insolvent and believed it should be hidden from counterparties.
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