CRYPTOCURRENCY broker Genesis owes creditors more than US$3 billion, prompting its owner Digital Currency Group (DCG) to explore selling assets in its venture portfolio to raise money, the Financial Times reported on Thursday (Jan 12).

Citing people familiar with the matter, the newspaper said DCG is considering offloading parts of its venture-capital holdings, worth about US$500 million. The holdings include 200 crypto-related projects, such as exchanges, banks and custodians in at least 35 countries.

Several crypto companies have been under pressure, as they try to navigate unprecedented industry-wide turmoil. This comes amid waning investor appetite for digital assets, after major exchange FTX collapsed late last year.

Genesis, which brokers digital assets for financial institutions, including hedge funds and asset managers, cut 30 per cent of its workforce earlier this month. Sources said this was the broker’s second round of lay-offs in less than half a year.

Earlier this week, Cameron Winklevoss, co-founder of crypto exchange Gemini, called for DCG to remove its chief executive, Barry Silbert. This was on the back of tensions between the high-profile executives.

DCG is also the parent company of several prominent crypto firms, including asset manager Grayscale.

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Genesis and DCG did not immediately respond to requests by Reuters for comment. REUTERS