Chain News by Thebittimes.Com

Bitcoin financial services firm Ledn’s ties with the Cayman Islands open a doorway for crypto users to use their funds to obtain real estate “golden visas.“ The Cayman Islands has long been an idyllic beach getaway for tourists, but the archipelago could soon welcome Bitcoin (BTC) holders as new residents through BTC-backed loans used to invest in real estate. Bitcoin banking firm Ledn, which is registered with the Cayman Islands Monetary Authority as a virtual assets service provider (VASP), is providing an avenue for Bitcoin holders to use their BTC as collateral for loans to invest in real estate on the islands. This is just one avenue that prospective new residents of the islands could take to obtain citizenship, with investments over $2.4 million in real estate in the Cayman Islands qualifying a buyer for permanent residency. Related: Noted tax haven Cayman Islands sees new bills to bring local crypto to FATF’s heel Speaking directly to Cointelegraph, Ledn CEO Adam Reeds unpack...

Towards the end of last week, Genesis Global Capital—the lending business of Genesis Trading—suspended redemptions. Its parent company, Digital Currency Group, clarified that the decision was made in response to the “extreme market dislocation” and “loss of industry confidence” caused by the implosion of FTX. Right after, the company sought a $1 billion emergency loan. Earlier today, the crypto lender warned that that it would go bankrupt without funding support. According to a recent report from The Wall Street Journal, Genesis asked Binance for an invest ment. Per the media outlet’s unknown sources, the company also reached out to   private equity giant Apollo Global Management for support. The former, however, ended up turning down the request. Elaborating on why, the report noted, “Binance decided not to invest , fearful that some of Genesis’s business could create a conflict of interest down the line, a...