Seattle, Washington–(Newsfile Corp. – January 23, 2023) – KaJ Labs announced that it has issued a Letter of Intent (LOI) to acquire the assets of the distressed crypto firm Genesis Global Capital for $1.5 billion.
KaJ Labs seeks to purchase the remaining qualified assets of Genesis Global Capital LLC. Genesis Global Capital, also known as Genesis Global Trading, is a cryptocurrency brokerage for institutional investors. Genesis is a subsidiary of Digital Currency Group (DCG). Genesis filed for Chapter 11 bankruptcy on January 19, 2023 to request court protection to reorganize its cryptocurrency lending businesses.
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KaJ Labs is the core team building the novel Lithosphere AI blockchain. The Lithosphere network promises to eradicate bottlenecks faced in existing blockchain networks by being the first blockchain to utilize embedded Deep Neural Networks to make smart contracts intelligent while enabling interoperability across diverse blockchains.
Lithosphere is the future infrastructure for distributed value transfer and will offer interoperability across multiple blockchain networks. It addresses bottlenecks hindering mainstream Web3 adoption.
Lithosphere is a next-generation network for cross-chain decentralized applications powered by AI and Deep Learning.
About KaJ Labs
KaJ Labs is a decentralized research organization focusing on AI and blockchain technology. We’re driven to create innovative products that work for the greater good around the globe.
About Digital Currency Group
Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market.
Genesis is a crypto trading, lending, and asset custody platform, targeting institutional clients and high net worth individuals.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152105