Gemini and Genesis have reached a $100 million agreement regarding the Earn program.
The two companies were previously in conflict but have now reached an agreement that will benefit clients and stakeholders.
As part of the agreement, Genesis will exchange its $1.1 billion note for the convertible preferred stock from Digital Currency Group (DCG).
DCG will also refinance its existing 2023 term loans through a new term loan worth approximately $500 million.
Gemini will contribute up to $100 million in funds for Earn users. Cameron Winklevoss, the co-founder of Gemini, described the plan as a “critical step” towards recovering assets for Genesis creditors.
1/ Today, @Gemini reached an agreement in principle with Genesis Global Capital, LLC (Genesis), @DCGco, and other creditors on a plan that provides a path for Earn users to recover their assets. This agreement was announced in Bankruptcy Court today.
