China News by Thebittimes.Com

A Thursday release from the Financial Times claims that DCG subsidiary Genesis Global Trading has amassed a debt of over $3B to its creditors. DCG is currently under increased public scrutiny, as the company battles to stay on its feet. DCG’S VC Holdings Add Up to $500M According to the report, the broker’s creditors include exchanges Gemini and Bitvavo, alongside crypto savings company Donut. To address Genesis’ significant debt, Digital Capital Group is reportedly considering offloading a portion of its venture capital portfolio. The publication also cited sources close to the matter who provided some insight into DCG’s holdings.  Digital Currency Group reportedly runs one of crypto’s biggest venture portfolios. The company has provided backing for various big-name platforms including Coinbase, and Kraken. DCG has also invested in US bank Silvergate and digital wallet company Circle as well as less popular entities. Per the release, the VC firm’s portfolio includes over 200...

The Middle East, especially Dubai’s, love affair with crypto is known across the globe. Many prominent crypto firms have moved their bases to Dubai, or have begun offering their services in the Emirates. Some of the industry giants that offer services in Dubai include Binance, Crypto.com, FTX, etc. The region has one of the most business-and- crypto currency-friendly laws at the moment. Hence it is of no surprise that firms, big or small, want to establish their footprint in that region. Joining the growing list of web3 and crypto currency-related businesses in Dubai is Q9 Capital, a Hong Kong-based crypto investment firm. The firm has successfully obtained provisional approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The interim certification will allow the firm to offer a range of cryptocurrency services and goods that have been approved. These include opening offices and offering digital asset exchange services to pre-qualified investors and finan...