Genesis' emergency funding target has been reduced from $1 billion to $500 million

BlockBeats: Genesis, a crypto trading and lending unit of Digital Currency Group (DCG), is working to raise emergency funding, The Block reported on November 22, citing sources. And the fundraising goal has been reduced from $1 billion to $500 million. DCG is reluctant to sell part of its venture portfolio and has no plans to sell Grayscale and is working with bankers at Ducerne Partners LLC, the sources said BlockBeats previously reported that Genesis had no "immediate" plans to file for bankruptcy and was working to resolve the current situation, according to a statement quoted by Bloomberg.