BREAKDOWN: Genesis and Gemini Earn Halt Withdrawals as FTX Contagion Spreads
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 16 November 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
Plus, a look at Apple’s plans to move semiconductor manufacturing onshore.
This episode is sponsored by Nexo.io, Circle and Kraken.
On today’s episode, NLW covers the latest fallout from the FTX collapse. Genesis Capital has paused withdrawals and loan origination, which has also led to Gemini pausing its Earn program. NLW also covers the latest in why last week’s CPI print may not be as bullish as it seems and why Apple plans to move semiconductor manufacturing onshore.
(Genesis Global Capital is a subsidiary of Digital Currency Group, the parent company of CoinDesk.)
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Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses.
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Kraken, the secure, trusted digital asset exchange, is our sponsor for today’s show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. You’re covered by industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: zhuweiyi49/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, circle, and crackin, and produced and distributed by CoinDest. |
| 0:22.8 | What's going on, guys? It is Wednesday, November 16th, and today we are catching up on |
| 0:27.0 | FTX contagion, as well as some interesting things from the macro world. Before we get into that, |
| 0:32.2 | however, if you are enjoying the breakdown, please go subscribe to it, give it a listen, |
| 0:35.5 | give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to |
| 0:41.8 | bit.ly slash breakdown pod. All right, guys, how is everyone doing out there? Now, I mentioned it |
| 0:48.6 | yesterday, but I wanted to tell you again about the upcoming Grateful for Bitcoin series next week. |
| 0:53.8 | I've started recording those |
| 0:55.1 | interviews as of today, including one about Bitcoin Gasflare mining today that I think |
| 0:59.1 | you're really going to like. I also want to say welcome once again to Cracken as a partner |
| 1:03.1 | for the breakdowns back to basics theme throughout the rest of this year. Now today, I want to |
| 1:08.2 | catch up on a few of the macro stories we've missed, as we've been |
| 1:11.4 | very understandably focused on the crypto industry, but unfortunately first we do have to |
| 1:16.6 | look at the latest contagion from FTX's collapse. |
| 1:20.1 | Genesis trading is one of the larger players in the institutional crypto space. |
| 1:24.3 | They're one of the crown jewels in the digital currency group Empire, which should be noted also |
| 1:28.0 | includes CoinDesk. Their lending arm is called Genesis Global Capital, and at the end of the third |
| 1:32.9 | quarter, it had $2.8 billion in total active loans. Now, Genesis has had a rough year. They |
| 1:39.8 | suffered nine-figure losses, a few hundred million dollars through their exposure to Three |
| 1:44.6 | Arrow's capital and Babel Finance earlier this year. In June, Michael Morrow said, as we already |
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