Bitvavo rejects DCG’s 70% repayment proposal Bitvavo rejects DCG’s 70% repayment proposal
Bitvavo has over $300 million (€280 million) locked with DCG. The exchange said it uses DCG's services to offer off-chain staking services to its own clients.
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Updated: Jan. 11, 2023 at 8:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Bitvavo rejected Digital Currency Group’s (DCG) proposal to repay 70% of its debt because the embattled firm has sufficient funds to make full repayment, according to a Jan. 10 statement.
Bitvavo maintained that it was confident that a solution could be found to satisfy all the concerned parties.
According to the Netherlands-based company, the debt repayment would not be affected by the reported investigations into DCG nor the possible bankruptcy of crypto lender Genesis. However, the process could impact the repayment timelines.
Bitvavo did not respond to CryptoSlate’s request for comment as of press time.
Bitvavo has over $300 million (€280 million) locked with DCG. The exchange said it uses DCG’s services to offer off-chain staking services to its clients.
Meanwhile, Bitvavo clients are not impacted by the fallout. According to the exchange, its clients can withdraw their digital assets anytime because it has assumed the risk on their behalf.
DCG is currently facing heightened scrutiny because of its financial situation. Gemini co-founder Cameron Winklevoss has called for the removal of its CEO Barry Silbert.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Bitvavo
Bitvavo is a cryptocurrency exchange that was founded in 2018 and is headquartered in Amsterdam, The Netherlands.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.
Barry Silbert, recognized as a foundational figure in the cryptocurrency landscape, serves as the CEO and founder of Digital Currency Group (DCG).
