Genesis, a bankrupt cryptocurrency lender, has submitted a request to the court seeking approval for a proposed settlement agreement with the collapsed crypto hedge fund, Three Arrows Capital (3AC).
In a court filing dated November 9, Genesis presented its case, advocating for the approval of an allowed general unsecured claim amounting to $33 million for the 3AC debtor. This figure represents 3.3% of the initially asserted $1 billion in claims against Genesis debtors.
The document outlines that the agreement specifies the 3AC debtor’s entitlement to a general unsecured claim of $33 million, constituting full satisfaction of the over $1 billion in claims made against each of the Genesis debtors. Notably, 3AC’s $1 billion claims against Genesis stand out as the largest asserted claims in Chapter 11 cases related to the collapse of the FTX exchange. Genesis underscores the significance of 3AC, highlighting it as one of its largest borrowers from 2020 to 2022 until its collapse.
Furthermore, Genesis expresses its intention to release all claims and entitlements to AVAX and NEAR tokens in favor of the 3AC debtor. The proposed settlement emphasizes that both parties mutually release each other from liability, while Genesis retains any and all claims against DCG.
Genesis assert necessity for Chapter 11 reorganization plan
Genesis justifies the proposed settlement by asserting its necessity for facilitating a smooth Chapter 11 reorganization plan, minimizing potential risks, and reducing expenses associated with prolonged litigation. The document states that the settlement, if approved, will significantly pave the way for the confirmation of Genesis debtors’ Chapter 11 plan of reorganization, prompt distributions, and eliminate the uncertainties linked with protracted legal battles among the involved parties.
This proposed settlement agreement has been formally submitted to the United States Bankruptcy Court for the Southern District of New York and is pending approval from Judge Sean Lane. Creditors have until November 24 to raise objections, with a scheduled hearing on November 30.
This development coincides with the one-year anniversary of the FTX exchange collapse, which triggered a significant downturn in the cryptocurrency industry. Genesis and 3AC are among the companies adversely affected by the FTX failure, with Genesis derivatives business losing access to $175 million locked on FTX.
JPMorgan Introduces Programmable Payments for Institutional Blockchain Platform JPM Coin
Multinational banking giant JPMorgan has unveiled a new programmable payment feature for institutional users on its private blockchain platform, JPM Coin.
Head of JPMorgan’s bank-led blockchain platform Onyx, Naveen Mallela, announced the introduction of this feature on LinkedIn, describing it as a significant milestone for JPM Coin. The programmable payments feature is now accessible to all institutional clients, offering real-time functionality for treasury operations and fostering new digital business models.
Mallela emphasizes the importance of programmability, labeling it the “holy grail” for the blockchain platform. The Onyx team elaborates further, asserting that this feature is a “first-of-its-kind” offered by a global commercial bank. Users can program payments using an “If-This-Then-That” interface within the JPM Coin System, with German tech firm Siemens AG already making use of this functionality as of November 6.
Peter Rathgeb praises the introduction of programmability
Siemens AG group treasurer Peter Rathgeb praises the introduction of programmability, noting its ability to harness advantages from the crypto world combined with JPMorgan’s blockchain-based bank accounts. Rathgeb anticipates this advancement to elevate Siemens’ automation levels, optimizing working capital use and supporting data-driven digital business models.
The programmable payments feature, as detailed by Onyx, empowers users to manage various automated functions, including dynamic funding and event-based payouts. Dynamic funding allows users to specify rules for funding a bank account dynamically in case of shortfalls, while event-based payouts enable payments triggered by specific events such as margin calls, delivery of assets, and contractual obligations.
Mallela envisions programmability as a key objective for digital currencies and tokenized money, emphasizing its role in enabling dynamic and event-driven functionality powered by blockchain technology. JPMorgan’s exploration of a new blockchain-based solution for cross-border transactions further underscores its commitment to innovation in the blockchain space.
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