Gemini and Genesis have reached an agreement to offer up to $100 million in funds to clients of the latter’s Earn program.
The agreement will resolve a dispute between the two companies and allow for the recovery of assets for Genesis creditors.
Genesis will exchange its existing $1.1 billion note due in 2023 for convertible preferred stock to be issued by Digital Currency Group.
Gemini will contribute the additional funds to Earn users. The resolution will come after a series of legal issues faced by Gemini, including charges by the SEC for an unregistered offering and sale of securities and an investigation by the New York Department of Financial Services for alleged misleading of customers.
The resolution will provide updates every Tuesday and Friday until its completion.
