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DCG founders had proposed merging Genesis with Gemini at the end of 2022 to re-raise capital and go public.

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According to documents submitted by DCG this week showed that DCG founder and CEO Barry Silbert discussed the challenges faced by Genesis and Gemini Earn, which operates in cooperation with DCG's lending business, during a lunch with Cameron Winklevoss (co-founder of Gemini) on October 20, 2022, and suggested that Genesis and Gemini merge and go public.

The document records that Barry Silbert believes that the merger will bring new narratives to DCG, possibly raising 5-10 billion US dollars again and going public within 24 months, generating a lot of synergies and eliminating weaker competitors. Gemini's stablecoin can be launched on DCG to compete with Circle's USDC. At its peak, Genesis processed billions of dollars of encrypted loans every quarter and was already considering going public in 2023.

Cameron Winklevoss accused Barry Silbert in July 2023 of arranging a meeting to encourage Gemini to continue its Earn service (financial product). He did so because he knew that Genesis was seriously insolvent, but Barry at the time claimed that the only problem facing Genesis was time, which covered up the huge loopholes on Genesis's balance sheet.

DCG Digital Currency Group
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