Cryptocurrency exchange Bitvavo announces it has €280 million locked up in DCG

The Netherlands Bitvavo reported that it had a total of 280 million euros locked in Digital Currency Group. Your customers can always delete your cryptocurrencies of its platform.

Bitvavoa cryptocurrency exchange platform based in the Netherlands, has announced that it has 280 million euros ” locked “[enDigital Currency Group.

Bitvavo manages approximately €1.6 billion in deposits and digital assets. Of this amount, €280 million has been allocated to DCG. Bitvavo can prefund all assets locked in DCG to ensure that client asset withdrawals can be processed at any time, which means that Bitvavo’s clients are not exposed to DCG’s liquidity problems,” Bitvavo said in a statement on Thursday. statement.

The Dutch stock exchange believes that the cryptocurrency conglomerate led by Barry Silbert will be able to. Return funds “over time.”.

Last month, following the bankruptcy of FTX, Global Genesisthe lending unit of DCG’s Genesis subsidiary, has suspended repayments on its service, affecting several platforms in the ecosystem, including US-based Gemini and France’s Coinhouse.

Since then, Genesis sought capital to float. Hit by a liquidity crisisthe broker recently stated that it needed “more weeks,” not days, to resolve the problems in its lending business.

In the unlikely event that the situation at DCG changes, Bitvavo will step in to protect its customers. DCG’s debt will not prevent Bitvavo from fulfilling this obligation,” Bitvavo stated.

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