SNEAK PEEK
- The Decentraland Foundation has an allowance of $7.8 million against Genesis.
- Via Twitter, they told their customers not to worry about the continuity of their corporation.
- Additionally, Binance, the biggest exchange for digital assets in the world, recently disclosed that it was increasing its presence in Poland.
Decentraland has declared on Twitter that as of present, the Decentraland Foundation has a credit against Genesis in the amount of about USD 7.8 million. The Foundation’s money remained resilient, and the credit limit does not constitute a significant portion of the Foundation’s treasury.
Among the three firms that declared bankruptcy, Genesis has nearly 100,000 creditors. Genesis claimed to have more than $150 million in cash available to maintain its continuing commercial activities and ease the restructuring process. The corporation has filed papers with the bankruptcy filing to allow normal business activities to resume.
The Decentraland Corporation continues to function normally and to help the Decentraland area in accordance with the Foundation Charter.
Decentraland DAO, whose members are Decentraland community members, has no ties with Genesis; its budget is entirely on-chain. There is no DAO budget or property exposure in the Genesis scenario.
Decentraland is a user-owned, Ethereum-based digital environment platform, or “metaverse,” that allows users to participate in a shared information journey. They may play games, swap collectibles, buy and sell virtual property or devices, socialise, and connect with Decentraland.
Genesis, a subsidiary of Digital Currency Group (DCG), which also owns asset management company Grayscale and media site CoinDesk, is at the core of industrial digital products, offering crucial selling and lending services.
