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Genesis and Galaxy Set up Funds, Look to Raise $500 Million After Losing to 3AC

Galaxy and Genesis Set up Funds
Galaxy and Genesis Set up Funds

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According to a recent filing from the Securities and Exchange Commission (SEC), some of the renowned executives in the crypto and trading firms Genesis and Galaxy Digital are looking forward to accumulating $500 million to form a new crypto investment fund called the DBA Crypto Fund I LP.

Michael Jordan, Joshua Lim, and Roshun Patel are the general partners of the DBA Crypto Fund I LP and will be looking forward to taking the managerial roles and growing the funds as they move forward.

Michael Jordan heads Galaxy Digital as a co-head of investment, Joshua Lim works as the head of derivatives at Genesis Trading, and Roshun Patel was Genesis’ previous vice president (VP).

Shane Barratt is also elected as a managing member and investing partner at this new crypto investment fund. He is also the founder and CEO of Convex Trading.

Genesis and Galaxy Digital both have experienced massive losses in the past months. For instance, Galaxy Digital’s quarterly reports demonstrated a $554 million loss in the 2nd quarter due to the unfavorable outcome from the investments in its trading, digital assets, and principal investment businesses.

Besides these losses, Galaxy Digital also abolished a high-profile objective of obtaining, BitGo, a crypto wallet provider.

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Genesis Trading sails on the same boat and has faced a tremendous $1.2 billion loss while staking at the crypto hedge firm Three Arrow Capital. Later, they also filed a claim against Su Zhu’s hedge fund.

It would be worth noting that Michael Moro, the CEO of Genesis, has announced to step down from his role after the company lost billions of dollars to 3AC.

Apart from their exposure to 3AC, Genesis and Galaxy Digital have also faced losses due to the declines in cryptocurrency values.

The crypto market has been down the hill since the start of this year, however, it’s quite easier to raise funds in the bear market as the assets can be gathered at a relatively lower price.

Despite its volatile nature, people are putting a lot into the crypto industry, fairly because of its potential.

Even after several huge losses, the partners associated with the BDA Crypto Fund I LP are positive about this recent funding and aim to reinforce either company. However, time will only tell its success and whether it’ll come out to be lucrative or dig them down.

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