Genesis parent company Digital Currency Group (DCG) has informed its shareholders the firm is suspending dividends until further notice.
"In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG's quarterly dividend distribution until further notice," DCG said in a letter to shareholders.
DCG has become embroiled in the financial distress at its lending platform Genesis. DCG owner Barry Silbert has been locked in negotiations with billionaire entrepreneurs Cameron and Tyler Winklevoss, whose crypto exchange Gemini offered a lending product that fell apart because Genesis, its partner, halted customer withdrawals.
