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The institution was successful “hyper-growth” successful January 2022, present it has implicit 5,000 creditors and debts implicit $100 million; bankrupt Genesis is its largest creditor.
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Cash Cloud, the relation of Coin Cloud integer currency automatic teller machines (ATMs) successful the United States and Brazil, filed for Chapter 11 bankruptcy successful U.S. Bankruptcy Court for the District of Nevada connected Feb. 7.
According to its filing, the institution has liabilities betwixt $100 cardinal and $500 million, with betwixt 5,001 and 10,000 creditors and assets betwixt $50 cardinal and $100 million. Cash Cloud’s biggest creditor is Genesis Global Trading, the brokerage subsidiary concern of Digital Currency Group’s bankrupt lending arm. It has an unsecured assertion of implicit $108 cardinal from Genesis, acold outstripping the adjacent largest claimant, which is owed implicit $8 million.
Bloomberg reported connected Nov. 22, citing unnamed sources, that Coin Cloud had received an unsecured indebtedness of astir $100 cardinal from Genesis and was astatine that clip successful talks with it seeking “additional capital” to assistance it restructure a indebtedness of astir $125 million. Genesis was already nether fiscal pressure, and it is not wide that Coin Cloud received further recognition from it astatine that time.
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Coin Cloud was a pioneer successful its field, having been active since astatine slightest 2014. Coin Cloud stated successful a blogpost successful January 2022 that it had implicit 1,100 ATMs astatine the clip and said it was “at a pivotal clip successful the company’s hyper-growth.” The cryptocurrency ATM manufacture experienced a crisp downturn successful the 2nd fractional of 2022. In addition, cryptocurrency has been incorporated into existing ATMs successful places, competing with purpose-built crypto ATMs.
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Currently its website claims Coin Cloud has much than 5,000 ATMs that grip implicit 40 cryptocurrencies. Coin Cloud was ranked 2nd worldwide by fig of ATMs astatine the constituent erstwhile it had 4,826 machines, astir each of which were located successful the United States.
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