Contagion 2.0, or how Genesis could cause Crypto Armageddon 😳; Marqeta is betting on Embedded Finance as The Next BIG Thing 🚀; Nike's chance to own the future via its solid Web3 NFT game 👟

FinTech is Eating the World, 16 November

Hey Everyone,

Happy Wednesday! This week just keeps on giving, and today’s issue is undoubtedly the best one this week 😳 Today we’re looking at the contagion of contagion, or how Genesis could cause Crypto Armageddon (this could be more harmful than the FTX!), Marqeta which is betting on Embedded Finance as The Next BIG Thing (and so should you!), and Nike's chance to own the future, or how it has been winning the Web3 NFT game (it could crush it again!). Let’s jump straight into the burning stuff:

Contagion of contagion, or how Genesis could cause Crypto Armageddon 😳

BREAKING🔥 In the wake of FTX’s collapse, the lending arm of crypto investment bank Genesis Global Trading is temporarily suspending redemptions and new loan originations, CoinDesk reported.

More on this 👉 The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022, according to the company’s website.

Withdrawals were halted because of “unprecedented market turmoil” sparked by the collapse of Sam Bankman-Fried’s FTX. Genesis said its decision to suspend redemptions and new loan originations followed “abnormal withdrawal requests which have exceeded our current liquidity”.

For context, its parent company, Digital Currency Group is also the owner of CoinDesk, Foundry, Grayscale, and Luno.

Why does this matter? 🤔 If this is the beginning of the end for Genesis, this could be more harmful than the FTX collapse because Genesis impacts nearly every company in crypto.

Here’s more on this, why the Crypto Armageddon could be just around the corner + the takeaway: